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To counter declining profits, Air Products will implement a global cost reduction plan to reduce capacity and costs. "First, we have shut down or will divest several underutilized facilities within our gases and chemicals segments," says chairman and CEO John P. Jones. "Second, we are implementing cost reductions to improve productivity, including balancing engineering resources with project activity. And third, we are reducing the number of management positions in the company to streamline our structure. Collectively, these actions will result in the elimination of 461 positions worldwide." The program autobodyairsaw is aimed at saving $38 million in fiscal 2004.As part of the restructuring, Air Products will shut down two liquid oxygen/liquid nitrogen plants at undisclosed locations. The company is also actively seeking a buyer for its $65 million to $70 million European methylamines business and is setting up its US methylamines business for divesture, having already closed its methanol and ammonia plant in Pensacola, Fla., notes Bane of America Securities analyst Mark Gulley.

To counter declining profits, Air Products will implement a global cost reduction plan to reduce capacity and costs. "First, we have shut down or will divest several underutilized facilities within our gases and chemicals segments," says chairman and CEO John P. Jones. "Second, we are implementing cost reductions to improve productivity, including balancing engineering resources with project activity. And third, we are reducing the number of management positions in the company to streamline our structure. Collectively, these actions will result in the elimination of 461 positions worldwide." The program autobodyairsaw is aimed at saving $38 million in fiscal 2004.As part of the restructuring, Air Products will shut down two liquid oxygen/liquid nitrogen plants at undisclosed locations. The company is also actively seeking a buyer for its $65 million to $70 million European methylamines business and is setting up its US methylamines business for divesture, having already closed its methanol and ammonia plant in Pensacola, Fla., notes Bane of America Securities analyst Mark Gulley.

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