Air Products said on Monday it would exit three projects in the U.S. and expects to record a pre-tax charge of nearly $3.1 billion in its second quarter to write down assets and terminate contractual commitments.

The Upper Macungie Township industrial gas company said the decision was made after a review initiated by the newly elected board of directors and new CEO Eduardo Menezes.

With new leadership in charge, Air Products has begun making changes, including a decision to exit three U.S. projects.

The write-downs that attach to the three projects are large, with Air Products expecting a pre-tax charge of up to $3.1bn in its fiscal 2025 second quarter. The costs are spread across asset write-downs and penalties and costs that attach to the termination of contractual commitments.

Air Products (NYSE:APD) said Monday it will exit three projects in the U.S., resulting in a Q2 pre-tax charge not to exceed $3.1B, primarily to write down assets and terminate contractual commitments.