Air Products to pursue share buybacks under $1 billion authorization

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Air Products and Chemicals, Inc.'s priorities include holding onto to its A bond rating, increasing its dividend and buying back shares, said Corning Painter, senior vice president of corporate strategy, technology and supply chain, at Citi's 4th Annual Basic Materials Symposium in New York on Tuesday.

Painter said Air Products has a $1 billion authorization to buy back shares and will do so based on stock price and capital market conditions rather than a specific timeframe.

Air Products is also on schedule to meet its objective of "20/15" by 2015, Painter said.

Specifically, the company, by 2015, wants to achieve $15 billion in sales, an operating margin of 20% and a return on sales of 15%.

In 2010, the company had $9 billion in sales, an operating margin of 16.5% and a 12.5% return on sales.

Air Products is an Allentown, Pa., supplier of hydrogen and helium.

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