Industrial gases supplier Air Products is planning a major restructuring, reorganizing the company into seven reporting segments, the company announced.
Effective from October 1, the start of its new fiscal year, Air Products' Industrial Gases businesses will be comprised of four units organized by geographic region: Americas; Europe, Middle East and Africa; Asia; and global. This is meant to reflect a greater regional focus. These units will include all Air Separation Units (ASUs), Hydrogen/HyCO plants (hydrogen, carbon monoxide and syngas) and the current Merchant Gases segment.
The other three segments are focused on: Materials Technologies, including the electronics materials and performance materials businesses; Energy From Waste, include the two Tees Valley projects in the U.K.; and Corporate operations, a segment that will encompass the LNG and helium containers businesses as well as corporate supporting functions.
The restructuring comes months after Air Products appointed a new leader following pressure from activist investor William Ackman. Seifi Ghasemi was named chairman, president and CEO in June, replacing former chairman and CEO John McGlade.
Commenting on the changes to the business, Ghasemi said that he has already met and communicated with thousands of Air Products' employees who are ready for change and are committing to a new corporate culture.
The aim is for everyone in the business to focus on safety, with a goal of zero accidents; simplicity, through a simple, empowered, accountable organization and work processes; and speed, executing projects with a sense of urgency.