Air Products late Wednesday said it signed a definitive agreement to sell its amines business to Taminco, one of the world's largest producers of methylamines and methylamine derivatives.
The deal, expected to be completd by the end of September, is part of Air Products' ongoing portfolio management activities intended to make the company a more focused, less cyclical and higher growth company.
The sale of the amines business, which generated approximately $310 million in revenues in fiscal year 2006, includes production facilities located in Pace, Fla.; St. Gabriel, La.; and Camacari, Brazil. The amines business produces methylamines and higher amines products used globally in many household, industrial and agricultural products.
There are about 225 employees directly associated with the business, all of whom will continue with Taminco.
Separately, Air products Thursday said John E. McGlade, currently group vice president, Chemicals, has been named president and chief operating officer of the company.
McGlade, 52, joined Air Products in 1976 in the company's career development program and subsequently held various positions within its Gases business, including both domestic and international assignments. He was named general manager of the Chemical and Process Industries Division in 1994 and vice president of the division in 1996, where he led the growth of the company's premier position in hydrogen.
In 2001, he became general manager and vice president of the Performance Materials Division. He assumed his current position as group vice president for the company's worldwide Chemicals Group in 2003.