Air Products has exited three major US projects as its new management focuses on streamlining its backlog and prioritising initiatives that the company believes will drive shareholder value.
The write-downs that attach to the three projects are large, with Air Products expecting a pre-tax charge of up to $3.1bn in its fiscal 2025 second quarter. The costs are spread across asset write-downs and penalties and costs that attach to the termination of contractual commitments.
The three projects are the World Energy sustainable aviation fuel (SAF) expansion, the Massena green hydrogen project in New York, and a Texas-based carbon monoxide facility.
All three projects were announced during Seifi Ghasemi’s tenure as President, CEO, and Chair. The new CEO, Eduardo Menezes, who took the reins earlier this month, has moved quickly.
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