Air Products and Chemicals, Inc. (APD)

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Air Products and Chemicals, Inc. (APD)

Houston Investor Conference Call

November 7, 2012 06:30 ET


Simon Moore - Director, Investor Relations

John McGlade - Chairman, President, and Chief Executive Officer

Paul Huck - Senior Vice President and Chief Financial Officer


Kevin McCarthy - Bank of America Merrill Lynch

John Roberts - Buckingham Research

Mike Harrison - First Analysis

Bob Cole - Goldman Sachs


Simon Moore - Director, Investor Relations

Well good evening and welcome to Air Products 2012 Investor Conference. As most of you know I am Simon Moore, Director of Investors Relations. We are looking forward to a great evening tonight and a great day tomorrow. We really appreciate all of you that are here. There are also folks joining us via webcast, so just as a reminder as we are doing Q&A later we would ask you to get a microphone which will be passed around and so the folks on the webcast can hear this. Certainly appreciate those of you who travel to Houston here and certainly any of you that were affected by the Hurricane last week and I understand some of us left behind a little bit of potential snow fill for the next two days. So, it’s good to be down here with the weather is warm. So, you have a hand on in front of you which contains the slides for tonight, tomorrow you will get a book with all of the slides then will also be a copy of these.

So, if you want to take some notes with those and keep them that’s fine, if you want to refer to them and leave them behind we will pick them up please don’t throw them among the core during the game that gets us in trouble, okay. So, whatever you want to do there so we appreciate it. So, as always today and tomorrow’s discussions will contain forward-looking statements based on current expectations and assumptions. Please review the information on these slides explaining factors that may affect these expectations. So, I’m just going to take a minute and go through the agenda. So, we passed the first test, we got here, we got started on time, so we really appreciate that. So, after I just spend one or two minutes we will have John McGlade and Paul Huck will each make a presentation and then we’ll have a joint Q&A session with Paul and John. So, we would ask you to hold your questions until both of them have finished their presentation.

I hope you’ll enjoy the light snacks and some wine while we are doing this part of that and then at around 6:45 we will make our way over to the (indiscernible) where Jeremy Linden here, he is going to rock it, see I’m not an announcer, we are taking on the Denver Nuggets and we will have some dinner over there. So, hey guys thanks. We have your seat. So, just to do a little logistics for tomorrow, so tomorrow morning at 7:30 the buses will depart from the lobby of the Four Seasons at what time 7:30, okay, excellent, okay.

We’re going to go out to our LaPorte facility where we are going to have most of the day and what I hope you appreciate is we are doing this out in one of our operating plants and this is one of the reasons to ask you to come to Houston, they help you not only two other plants but get a little bit of a feel of what it’s like an operating plant, guess what we’ve not shut down the plants for tomorrow’s activity, so you’re going to see an operating plant, you will see some maintenance going on, we are actually back in the middle of the plant in a conference room doing this, so I think we’ll have a great day. You should have received a bag when you checked in with a Green Air Products puller shirt in it, I’d appreciate it if you were kind enough to wear that tomorrow, you don’t have to, but and Dana if you are wearing this tonight I’ll leave it up to you, how about that, no problem.

We’re going to have coffee and light breakfast out of the plant, so if you want something a little bit more you are welcome to do so with the hotel on your own in the morning, we’ve got a great day planned tomorrow, presentations from Steve Jones, Alan Gelder, who works for Wood Mackenzie, an outside company to provide a perspective on their view of the global oil industry, Wilbur Mok, Corning Painter, Paul Huck will wrap up, we’ll have lunch and during lunch we’ll have a Q&A session with all the speakers and then we will do a walking tour of LaPorte the ASU in the gasifier, we’ll get on the buses, we’ll go to our Pasadena facility whether is a steam-methane reform or a hydrogen plant and perhaps most importantly a chance to tour our operating service center and customer service center.

So, we are looking forward to a great day tomorrow, we will finish at about 3'0 Clock at Pasadena and one bus will be going to Hobby Airport, one bus will be going to Intercontinental Airport. So, in the morning once you’ve checked out of the hotel and you’ve got your luggage bring your luggage with you, get on the right bus. So, whichever airports you are supposed to go to get on that bus and you just leave your luggage on that bus in the morning, okay. I know that’s a lot of logistics, but I fear I do that before we had too many more beverages. So, okay, great. Well at this point please let me introduce John McGlade our Chairman, President and CEO.

John McGlade - Chairman, President and Chief Executive Officer

Simon, let’s talk (indiscernible) night. For those on webcast hang in there with us and we wish you we are here. Simon did go through a whole lot of logistics when we go the plant, the plant guys would tell you this tomorrow though, don’t touch the red button, we don’t like that, shut things down unintendedly. Tonight you have about 90 minutes with Paul and I and we’re going to focus on the total company. Tomorrow as Simon mentioned is going to be a whole, whole lot more focus on the tonnage business, okay.

Here we go, focus on our tonnage business, so get your questions out of the way if you will on the enterprise, on our merchant and EPM. This evening one thing that you probably also heard in Simon’s introduction and so I have to ask for apologies is I’m going to have to leave tonight about midway through the game for a long-standing commitment in Chile with several senior government officials and our new Indura team as you know we acquired the leading position in South America with the acquisition of Indura and this just couldn’t be rescheduled and so except my I’ll have to offer my apologies and hopefully understand you’re going to have the entire management team and I’ll be hanging around a bit here before I go to go the airports to catch your flight overnight to Santiago. So, the theme of our, the theme of the next couple of days is very clear winning in energy for profitable growth and I think you’re going to be pretty excited when you have the opportunity to tour our facilities here in the Gulf Coast and really put together the words that you’ve heard from us over the number of years and see the old adage of pictures worth of 1000 words sometimes and I think you will really come away with a good appreciation of our tonnage business, the excitement we have that we are investing in that business particularly as it relates to the global energy dynamics that are out there.

Before I get too far into this evening though in the call we acknowledge some management changes that are in front of us. First and foremost the long time friend colleague and mentor Paul Huck has announced his desire to retire next year, I can’t do just as to explaining why Paul has chosen, but I think Paul will share a few views on that with you when he gets up here in a moment. But I did want to take a moment and really acknowledge Paul’s tremendous service, he exemplifies everything that we want in a leader at Air Products and has worked tirelessly for the company for 33 years in really driving towards the company we are close to $10 billion when he and I started it was under $1 billion enterprise. So, he is really seeing quite a significant amount of growth and development of the company on a global format, so Paul thank you so much. We also took tonight the opportunity to introduce to other folks they are going to be with us Paul’s successor in Scott Crocco. Scott has got over 20 years with the company, Paul would argue he is (indiscernible) to Scott from right out of Cornell and you might know those of you who know Paul knows that Cornell is also very near and dear to his part.

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