Versum Materials Spins $1B Company Out Of Air Products

Tempe, Arizona-based Versum Materials announced this morning that it has spun out the Electronic Materials business of Air Products, as a new, separate company with $1 billion in revenues and around 1,900 employees. The company is now trading publicly as VSM on the NYSE. Versum Materials supplies the semiconductor and electronics industry. The newly independent company is being led by President and CEO Guillermo Novo. The company said it will continue to be based in Tempe, Arizona.