NEW YORK (TheStreet) -- Shares of Air Products and Chemicals Inc. (APD) are higher by 6.72% to $129.77 in early trading this morning after the company announced it hired Rockwood Holdings Inc. (ROC) chairman and CEO Seifi Ghasemi to replace its retiring CEO John McGlade beginning July 1, Bloomberg reports.
Ghasemi joined Air Products' board in September and spent 13 years working at Rockwood Holdings, switching the company's main focus to lithium for batteries and specialty materials for cars and planes, selling Rockwood's clay additive and titanium-dioxide businesses for close to $4 billion, Bloomberg added.
Separately, TheStreet Ratings team rates AIR PRODUCTS & CHEMICALS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AIR PRODUCTS & CHEMICALS INC (APD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, solid stock price performance and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."