MORGAN STANLEY PLC/CALL/AIR PRODUCTS & CHEM/260/0.1/20.12.24 Stock

Air Products & Chemicals, Inc. specializes in the design, manufacturing and marketing of gases. The activity is organized around 4 families of products: - bulk gases: industrial gases (oxygen, nitrogen and argon), hydrogen and helium, medical and specialty gases delivered by tankers or tube trailers, in cylinders or through small on-site gas generation plants for metal, glass, chemical processing, food processing, healthcare, steel, petroleum and natural gas industries; - tonnage gases: industrial gases (hydrogen, carbon monoxide, nitrogen and oxygen) supplied via large on-site facilities or pipeline systems, principally for customers in the petrochemical, chemical, and metallurgical industries; - performance chemicals; - cryogenic and gas processing equipment: for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and helium distribution. Net sales are distributed geographically as follows: the United States (41.5%), China (15.8%), and other (42.7%).