Global investment firm D.E. Shaw has called on Air Products to address its “longstanding underperformance” in its stock performance and “deficiencies” in governance and capital allocation policies.
In an open letter to Air Products’ Board of Directors on October 10, D.E. Shaw detailed its concerns after a month of seeking constructive dialogue with the company.
In both the letter and an October 2 meeting with the Air Products Board and CEO, D.E. Shaw presented seven actions aimed at boosting long-term shareholder value.
Specifically, Air Products was advised to accelerate efforts to de-risk large project commitments by securing offtake agreements. D.E. Shaw also urged the company to publicly commit to linking future capital investments to such agreements and adopt a capital allocation framework limiting CapEx to mid-teen percentages of revenue after fiscal year 2026.
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