Industrial gas producer Air Products & Chemicals Inc named Seifi Ghasemi as chief executive, amid pressure from Bill Ackman to overhaul its management, sending its shares up 8 percent to a record high.Ghasemi, who resigned as CEO of Rockwood Holdings Inc to accept his role in Air Products, is known for successfully executing deals."His hiring could signal that APD may be open to divestitures," Oppenheimer & Co analyst Edward Yang said in a note to investors.Under Ghasemi, Rockwood recently sold its ceramics business and is in the process of selling its paint pigment unit to Huntsman Corp. The company also recently bought a 49 percent stake in Talison Lithium Pty Ltd for $475 million.
Air Products and Chemicals, Inc. has a portfolio of products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. Shares of APD traded higher by 7.5% or $9.12/share to $130.72. In the past year, the shares have traded as low as $90.12 and as high as $124.40. On average, 962222 shares of APD exchange hands on a given day and today's volume is recorded at 9193185.
Rockwood Holdings, Inc. (Rockwood) is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes. Shares of ROC fell by 3.31% or $-2.51/share to $73.43. In the past year, the shares have traded as low as $60.45 and as high as $82.00. On average, 852441 shares of ROC exchange hands on a given day and today's volume is recorded at 3215858.
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