Air Products & Chemicals Buys Out Joint Venture
LEHIGH VALLEY, Pa. (AP) — Industrial gases and chemical producer Air Products and Chemicals Inc. will buy out DuPont's stake in their 50-50 joint venture that makes components for the semiconductor industry.
Air Products and Chemicals did not disclose financial terms of the deal Thursday.
Wayne Mitchell, vice president of electronics for Air Products, said owning all of the venture — called DuPont Air Products NanoMaterials LLC, or DA NanoMaterials — will boost Air Products' presence in the market of chemicals used to manufacture electronics devices.
The joint venture makes specialty chemicals, called slurries, that are used to polish semiconductors and wafers used in electronic devices. DuPont Air Products NanoMaterials is based in Tempe, Ariz. and has regional headquarters in Taiwan.
Shares of Air Products Chemicals rose 81 cents to $91.05 in morning trading.