Versum Materials (VSM) Begins Trading as Independent Company Following Air Products (APD) Spinoff
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Building on more than 30 years of leadership supplying materials and delivery systems to the global semiconductor and electronics industry, the former Electronic Materials business of Air Products is now a separate and independent public company: Versum Materials, Inc.
Versum Materials (NYSE: VSM) officially spun off from Air Products (NYSE: APD) on October 1, 2016, and has begun operations as an independent, public company. Shares in Versum Materials are available for “regular way” trading on the New York Stock Exchange (NYSE) starting today. On October 4, Versum leadership, select team members and honored guests will ring the opening bell at the NYSE to commemorate the successful spin-off. (The bell ringing event can be viewed at https://www.nyse.com/bell).
“Today is a long-anticipated day for our customers, partners and team members. We worked hard to get to this point – and we will work just as hard in the years ahead to meet our customers’ needs for next-generation materials, equipment and expertise,” said Guillermo Novo, president and chief executive officer of Versum Materials. “As Versum, we will be more committed than ever to collaborating with our customers to make the future possible for them. We will focus on meeting the evolving needs of the semiconductor and other electronics-related industries.”
Novo said the spin-off will allow Versum to align its resources with the rapidly evolving demands of the markets it serves. “We will be able to dedicate all of our energy, research and development resources, and customer service to serve the businesses that depend on our materials, equipment and knowledge,” he said.
Versum, a leading semiconductor industry supplier, is a “focused pure play in the semiconductor industry with a strong portfolio and capabilities,” Novo said, noting that the company participates in six of seven key semiconductor process steps. Versum derived 74 percent of its fiscal 2015 sales from materials – split nearly evenly between process materials and advanced materials – and 26 percent from delivery systems. About 60 percent of the company’s sales are in Asia, with about 30 percent from the United States and 10 percent from Europe.
Versum will continue building out its Tempe, Ariz., headquarters in the coming months, Novo said, to enhance responsiveness to customers.
“Part of our strategy as a separate company is to be more market facing and agile by co-locating our business capabilities closer to the companies we serve. We have existing materials production, research and development, and a workforce in Tempe, and our major U.S. customers are located in the Western U.S.,” he said. “Additionally, over 70 percent of the market is now in Asia, and it continues to grow. Locating our headquarters in Tempe – to complement our major production facilities in Korea and Taiwan – will allow us to collaborate better with our U.S. and Asia teams and customers.”
Versum plans to maintain a number of administrative functions in the Lehigh Valley area, Novo said.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bristol-Myers Squibb (BMY), Ono Enter Settlement and License Agreement with Merck (MRK) to Resolve PD-1 Antibody Patent Litigation
- Minerva Neurosciences (NERV) Reports Additional Data Analyses From Phase IIb Trial of MIN-101 in Schizophrenia
- Bioptix (BIOP) to Terminate Some Employees Associated with Acquisition of its Subsidiary
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!