D.E. Shaw, Mantle Ridge zero in on key fixes to build shareholder value at Air Products

Air Products provides industrial gases and related equipment in end-markets such as refining, chemicals, metals, electronics, manufacturing and food.

The company's industrial gas business is extremely stable and low risk, functionally a risk-free, inflation-protected, senior secured bond when the business is kept pure.

CEO Seifi Ghasemi's expansion solution has been to pursue non-core business expansion.

Air Products has underperformed its peers and relevant benchmarks over functionally every relevant time frame in the past ten years .

Now, D.E. Shaw has taken an approximate $1 billion stake in Air Products and taken its engagement public.

The firm put forward a seven -point plan to improve value at the company, focused on a revised capital allocation framework.

D.E. Shaw is seeking three seats on Air Products' nine -person board.

Scott Sutton oversaw a stock appreciation of 379.2% as CEO from Sept. 1, 2020 to March 18, 2024 , versus 28.3% for the Russell 2000 over the same period.

Both activists will insist on better capital allocation and a firm succession plan.