<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) 11 April 1996
Air Products and Chemicals, Inc.
------------------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
Delaware 1-4534 23-1274455
- ---------------------------------------------- ------------------------ ---------------------------
(State of other jurisdiction of incorporation) (Commission file number) (IRS Identification number)
</TABLE>
7201 Hamilton Boulevard, Allentown, Pennsylvania 18195-1501
- -------------------------------------------------- --------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610)-481-4911
<PAGE> 2
Item 5. Other Events.
H. A. Wagner, Chairman and Chief Executive Officer of Air Products and
Chemicals, Inc. announced on April 10, 1996 a plan designed to sharpen the
company's business focus and enhance shareholder value by concentrating on its
core gases and chemicals businesses. Air Products announced its intent to
divest its 50% interest in American Ref-Fuel, a waste-to-energy business, and
commence a share repurchase program designed to acquire approximately 10
percent of its outstanding shares.
The repurchase program is designed to acquire approximately 10 percent
of the 112 million shares of common stock outstanding for financial reporting
purposes. The shares, to be purchased in open market transactions, are in
addition to the 4 percent of shares repurchased in 1994 and 1995. The stock
repurchase program will be accomplished through increased borrowings and
proceeds from the sale of American Ref-Fuel.
In a separate statement about the company's second fiscal quarter,
Mr. Wagner said, "While we expect our financial performance in the second
quarter to be in the range of current analyst estimates, operating income in
our gases segment remains at a level similar to that of the most recent
quarter. Improving results in this area continues to be management's top
priority."
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Air Products and Chemicals, Inc.
--------------------------------
(Registrant)
Dated: 11 April 1996 By: /s/ Arnold H. Kaplan
----------------------------
Arnold H. Kaplan
Vice President - Finance
3
