Air Products (NYSE:APD) has announced that the Company will exit its Energy-from-Waste (EfW) business.
As a result, the EfW business segment will be accounted for as a discontinued operation effective in the Company’s second fiscal quarter.
Also in the second quarter, Air Products expects to record a pre-tax charge in the range of $900 million to $1.0 billion in discontinued operations, primarily to write down assets associated with the EfW business to their realizable value.
Air Products will work to optimize the cash value of its investments. Exiting the EfW business will allow the Company to direct its resources to its core business of Industrial Gases.