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<SEC-DOCUMENT>0000950123-03-003977.txt : 20030408
<SEC-HEADER>0000950123-03-003977.hdr.sgml : 20030408
<ACCEPTANCE-DATETIME>20030408102650
ACCESSION NUMBER:		0000950123-03-003977
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030407
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20030408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIR PRODUCTS & CHEMICALS INC /DE/
		CENTRAL INDEX KEY:			0000002969
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				231274455
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04534
		FILM NUMBER:		03642192

	BUSINESS ADDRESS:	
		STREET 1:		7201 HAMILTON BLVD
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18195-1501
		BUSINESS PHONE:		6104814911

	MAIL ADDRESS:	
		STREET 1:		7201 HAMILTON BLVD
		CITY:			ALLENTOWN
		STATE:			PA
		ZIP:			18195-1501
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y85253e8vk.txt
<DESCRIPTION>AIR PRODUCTS AND CHEMICALS, INC.
<TEXT>
<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported) 7 April 2003


                        Air Products and Chemicals, Inc.
               (Exact name of registrant as specified in charter)


           Delaware                      1-4534                   23-1274455
(State of other jurisdiction   (Commission file number)     (IRS Identification
    of incorporation)                                              number)


7201 Hamilton Boulevard, Allentown, Pennsylvania                    18195-1501
   (Address of principal executive offices)                         (Zip Code)


      Registrant's telephone number, including area code (610) 481-4911
<PAGE>
Item 5. Other Events.
- ---------------------


On 7 April 2003, the company released the news release, Air Proudcts Updates
Outlook for March Quarter, which is attached as Exhibit 99.1.


                                  SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                Air Products and Chemicals, Inc.
                                                ------------------------------
                                                (Registrant)



Dated:  7 April 2003                    By:        /s/ John R. Owings
                                                ------------------------------
                                                       John R. Owings
                                                     Vice President and
                                                  Chief Financial Officer



                                       2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>y85253exv99w1.txt
<DESCRIPTION>NEWS RELEASE
<TEXT>
<PAGE>
[Air Products Logo]                                                 Exhibit 99.1


Air Products and Chemicals, Inc.
7201 Hamilton Boulevard
Allentown, PA  18195-1501

03092



                AIR PRODUCTS UPDATES OUTLOOK FOR MARCH QUARTER
                ----------------------------------------------

LEHIGH VALLEY, Pa. (April 7, 2003) - Air Products (NYSE:APD) today announced it
is revising its earnings outlook for the second fiscal quarter ended March
31st.  Based on current financial data, the company now expects earnings per
share in the range of 51 to 54 cents.  The revised outlook results from lower
than expected volumes in its North American merchant gases and performance
polymers (emulsions) businesses, and higher energy and raw material costs
impacting its merchant gases, performance polymers and methylamines businesses.

In Gases, Air Products continues to experience weakness in its North American
merchant business, reflecting a general slowdown in demand across the basic
manufacturing industries.  However, the company's growth platforms continue to
perform solidly, with electronics and healthcare on track and the refinery
hydrogen business performing well despite a higher level of customer outages
than anticipated.  Air Products' Asia gases performance also remains strong.

The company's healthcare business, which includes its October 2002 American
Homecare Supply acquisition, continues to perform very well.  The business is
driven by demographic changes and the ongoing shift to home-based services, and
is not influenced by levels of industrial activity.  The company's hydrogen
business, which largely serves the market for transportation fuels, is
relatively insensitive to levels of manufacturing.  The higher cost of natural
gas-used in making hydrogen-is predominantly passed through in product
pricing.

In Chemicals, operations have been hampered by lower than expected volumes in
the performance polymers (emulsions) business, and higher than expected raw
material costs, particularly in performance polymers and methylamines.
Performance polymer volumes started the quarter strong, but then slowed in
February and March along with the slowdown in basic manufacturing.  The company
is working hard to pass through the higher raw material costs, but there is a
lag between the time costs are incurred and recovery of those



                                   - more -

<PAGE>

costs.  Air Products' other Chemicals businesses have shown most of the
seasonal volume recovery that was expected at the beginning of the quarter.

Natural gas has been the principal cause of the company's higher energy and raw
material costs, averaging about $2.00 per million BTUs more than the
approximate $4.00 per million BTUs cost incurred in the prior (December)
quarter.  Overall, higher energy and raw material costs account for about a
three-cent reduction from the company's original outlook for the quarter.

Air Products will issue its quarterly earnings release on April 24th before the
market opens.  Later that day, at 11:00 a.m. EDT, the company will host a
teleconference that will be open to the public and the media in listen-only
mode by telephone and Internet broadcast.  Interested parties can listen to the
live teleconference by dialing (913) 981-4910 and entering passcode 184937.
The live Internet broadcast and slides to accompany the teleconference will be
available at: www.airproducts.com/fin/quarterly.asp.

Replay will be available via both the Internet and telephone.  The Internet
replay can be accessed at: www.airproducts.com/fin/quarterly.asp, and the
telephone replay can be accessed beginning at 3:00 p.m. EDT on April 24th
through 12:00 a.m. EDT on April 30th
by calling:

Domestic:  (719) 457-0820

International:  (888) 203-1112

Passcode:  184937

***NOTE: This release may contain forward-looking statements. Actual results
could vary materially, due to changes in current expectations.

                      #         #               #

Media Inquiries:
        Katie McDonald, tel: (610) 481-3673; e-mail: mcdonace@apci.com

Investor Inquiries:
        Alexander W. Masetti, tel: (610) 481-7461; e-mail: masettaw@apci.com

EDITOR'S NOTE:

The company's original outlook for the March quarter was issued on January 22,
2003, when it expected an EPS result similar to that of its December quarter,
which was $0.56, or $0.58 exclusive of an SFAS 143 accounting adjustment.






</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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