It appears that Air Products made a disastrous deal with World Energy, as highlighted in the detailed report released by Mantle Ridge, which eventually led to a proxy battle. The events unfolded quickly: Seifi was ousted, new board members were appointed, and just two weeks later, they announced the exit of three major projects, including the World Energy Paramount projects, after burning $2.5 billion on Unit B and $300 million on Unit A.
Eduardo Menezes needs to seriously address the situation and clean house, starting with Francesco, Andrew Connoly, and Sean Major. They must be held accountable for how they approved the World Energy deal and signed the contract. These individuals should all be terminated.
Additionally, there are reports that none of the Paramount employees acquired by Air Products were treated fairly...no bonuses, claiming that the business isn't profitable, despite the local team tripling SAF production under challenging conditions.
Furthermore, Air Products management has decided not to honor the 2025 MRA or meet their contractual obligations, as they’ve communicated previously to the managers that it's coming early March.
The issues extend beyond that—employees have missed meal breaks, and no record of accrued vacation hours. The HR department, with little understanding of California labor laws, has been completely unhelpful.
They are telling about 150 Paramount employees that severance will not be provided because of lack of work and the closure of the refinery.
How is this even legal?