Mantle Ridge has over $1B stake in Air Products, to push for changes, WSJ says

Mantle Ridge has built a more than $1B stake in Air Products and is planning to push for improvements at the company, The Wall Street Journal’s Lauren Thomas reported on Friday. According to people familiar with the matter, Mantle Ridge has been building its position in Air Products since March and plans to push Air Products executives on succession planning for CEO Seifi Ghasemi as well as on improvements to the company’s strategy and capital allocation. The firm believes Air Products is trading at a discount to its peers, the sources said. A spokesperson for Air Products said in a statement: “Air Products maintains a regular dialogue with the investment community as part of our robust shareholder and analyst engagement program. However, we do not comment on engagement with specific firms or individuals.”