LEHIGH VALLEY/PRNewswire - Versum Materials has been selected as the new company name for the Materials Technologies business of Air Products.

Air Products announced plans in September for a tax-free spinoff of this business to U.S. shareholders on or before September 2016.Derived from the Latin word for "toward," the name "Versum" communicates the new company's ability to continuously move toward materials, which is core to its own business, and provide cutting-edge solutions and innovation."This is an exciting time as these Materials Technologies market-leading businesses move closer to becoming a separate publicly-owned and traded company with a distinct identity, brand and purpose. Once complete, this separation will provide our new shareholders with ownership in two leading and focused companies while offering the opportunity to value our Industrial Gases and Materials Technologies businesses independently," said Seifi Ghasemi, chairman, president and chief executive officer at Air Products.Upon completion of the separation, Ghasemi will continue his role with Air Products and also become the nonexecutive chairman of Versum Materials.As previously announced, Guillermo Novo, currently the executive vice president of Materials Technologies, will become Versum Materials' CEO at the completion of the spinoff."We look forward to the opportunity to operate as an independent, specialty materials company under the name of Versum Materials. We will take some of the culture of our heritage with Air Products and build on it in our own core marketplace. As we move forward, we aim to deliver profitable growth to Versum Materials' shareholders by innovating for our customers, maximizing our profitability and driving to realize our strong growth prospects, while continuing to rapidly respond to changing market dynamics," said Novo."As our new name suggests, we will help our customers and employees move 'toward' their goals with confidence and purpose. From the electronics industry to the performance materials end markets we serve, we're passionate about working closely with customers to help advance their products and technologies around the world," Novo said.Additional details about Versum Materials' progress toward becoming a new company will become available at airproducts.com while the new company's website is developed.The business employs approximately 3,300 employees and operates in more than 12 countries across the globe.