Air Products SVP and CFO Paul Huck took the witness stand to begin the Air Products v. Airgas trial before Chancellor William B. Chandler III, in the Delaware Court of Chancery.
After describing the nature of Air Products' business, Mr. Huck described the Airgas business, part of which (packaged gas) had been sold to Airgas by Air Products in 2002.
Among the advantages of regaining the packaged gas product by acquiring Airgas, said Mr. Huck, included gaining a product that appealed to growing markets, such as pharmaceuticals, and also to allow the bundling of packaged and liquid products.
After his introductory questions to Mr. Huck, Cravath's Thomas Rafferty informed the court that the testimony would next turn to valuation issues that were for "litigators eyes only." The courtroom was then cleared and the video stream was turned off.
CVN always complies with court orders to turn off our cameras. We will resume the stream when are permitted to do so, and we anticipate having the same access to the trial as other media.