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.

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.

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.