Air Products & Chemicals, Inc. (APD): restructuring charge — Air Products to exit three U.S. projects, expects pre-tax charge up to $3.1B

Air Products & Chemicals, Inc.

Pre-tax charge not to exceed $3.1B in fiscal Q2 2025 for exiting World Energy SAF expansion, Massena green H2, and Texas CO projects.
World Energy SAF expansion terminated due to challenging commercial aspects at the Paramount, CA site.
Massena green H2 project cancelled because hydroelectric power ruled ineligible for 45V tax credit and slow hydrogen mobility market.
Texas CO project terminated due to unfavorable project economics; cash expenditures estimated not to exceed $800M.
NEOM green H2 project ~80% complete with green ammonia expected end 2026; Louisiana Clean Energy Complex startup in 2028.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Air Products & Chemicals, Inc. announced a impairment with charges of pre-tax charge not to exceed $3.1 billion affecting three U.S. projects (World Energy, Massena, carbon monoxide project in Texas).

Type: impairment
Charge: pre-tax charge not to exceed $3.1 billion
Affected area: three U.S. projects (World Energy, Massena, carbon monoxide project in Texas)

Exact text from the filing

On February 24, 2025, Air Products and Chemicals, Inc. (the “Company”) announced that, as part of a review initiated by its newly-elected Board of Directors and Chief Executive Officer, it would exit three projects in the United States. As a result of this decision, the Company expects to record a pre-tax charge not to exceed $3.1 billion in its fiscal 2025 second quarter, primarily to write down assets and terminate contractual commitments.

View on SEC.gov

Browse all restructurings & charges →

Air Products & Chemicals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-033509

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.