10:34 AM EST, 12/13/2024 (MT Newswires) -- Air Products and Chemicals ( APD ) said Mantle Ridge's proxy contest is "shortsighted," and the activist investor has a "history of value destruction, contradictory and disorganized actions, and pursuit of company control without any serious plan."

"The board strongly believes that it is not in the best interests of its shareholders to support Mantle Ridge's nominees," Air Products said Friday in a letter to investors ahead of the Jan. 23 annual meeting.

Mantle Ridge, which holds a 1.8% stake in Air Products, lacks a "concrete long-term plan," according to the letter. The contrast between the investor's "short-term, opportunistic and poorly developed stance and our proven and successful approach to our business could not be more stark," the letter said.

The Air Products board also defended its leadership and succession planning, cautioning against Mantle Ridge's efforts to replace key executives, including Chief Executive Officer Seifi Ghasemi.

On Tuesday, Mantle Ridge criticized Ghasemi's strategy and formally nominated four director candidates to the board. The CEO's "insistence on pursuing large-scale, speculative noncore investments has unduly increased risk to Air Products' shareholders and destroyed shareholder value," the New York-based investor said.

The shares of Allentown, Pennsylvania-based Air Products shares fell 1% in recent Friday trading.

Price: 307.81, Change: -3.09, Percent Change: -0.99