Air Products Adds $1 Billion to Share Repurchase Programs

Air Products (NYSE: APD) has authorized the repurchase of up to $1 billion of its common stock.

The latest action is in addition to an existing $1.5 billion share repurchase program announced in March 2006. The company has repurchased more than $1 billion under its existing $1.5 billion plan.

Last week, the Board of Directors also declared a quarterly dividend of 38 cents per share of common stock. The dividend is payable on November 12, 2007 to shareholders of record at the close of business on October 1, 2007.

Air Products serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services.

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Payout Yield Analysis

With 216 million shares outstanding, the combined share repurchase authorization of $1.5 billion will return $6.94 per share. Combined with the $1.52 annual dividend, the Total Payout Yield will be $8.46 per share if the share repurchases are completed in the next 4 quarters. At $93 per share, the Total Payout Yield will be 9.1%.

- Payout Yield Staff

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