Air Products shares are badly underperforming the S&P 500 for a second straight year, and the company has suffered from leadership upheaval.
Activist investor Mantle Ridge has a $1 billion-plus stake in industrial gas supplier Air Products and Chemicals, according to a person familiar with the matter.
Mantle Ridge, run by Paul Hilal, is seeking to meet with the company's board to discuss strategic plans and capital allocation, said the person.Air Products and ChemicalsMantle Ridge, run by Paul Hilal, is seeking to meet with the company's board to discuss strategic plans and capital allocation, said the person, who asked not to be named to discuss private matters freely.
The company has dealt with management upheaval this year, with COO Samir Serhan abruptly stepping down in July. Ghasemi, meanwhile, is one of the oldest CEOs among S&P 500 companies."Air Products maintains a regular dialogue with the investment community as part of our robust shareholder and analyst engagement program," a company spokesperson said in a statement, declining to comment on specific engagements.
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