Air Products has renamed its Materials Technologies business Versum Materials.In September, it announced plans for a tax-free spinoff of this business to US shareholders in or before September 2016. Derived from the Latin word for ‘toward,’ the name ‘Versum is intended to communicate the new company’s ability to continuously move toward materials, which are 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,” said Seifi Ghasemi, chairman, president and chief executive officer (CEO) at Air Products. “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.” Upon completion of the separation, Ghasemi will continue his role with Air Products and also become the non-executive 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 spin-off. For fiscal year 2015, Materials Technologies had sales of approximately $2.1-billion and EBITDA margins in excess of 27 percent. The business employs approximately 3,300 employees and operates in more than 12 countries across the globe. Its Electronic Materials Division provides tailored solutions and materials to customers in the semiconductor industry, while the Performance Materials Division provides epoxy additives, polyurethane additives and specialty additives to the construction, composites, adhesives, coatings and other industries.