Activist investor Mantle Ridge has acquired a stake exceeding $1 billion in Air Products and Chemicals Inc. (APD) and intends to push for enhancements at the industrial gas manufacturer, as reported by the Wall Street Journal, drawing on insider sources.
Under the leadership of Paul Hilal, Mantle Ridge is said to be planning discussions with the company's board to explore strategic initiatives and evaluate capital distribution. Additionally, the activist investor is concentrating on the succession planning for Seifi Ghasemi, the 80-year-old CEO of Air Products.