Activist investment firm Mantle Ridge has accumulated a stake exceeding $1 billion in Air Products and Chemicals Inc. (APD), signaling plans to engage the industrial gas manufacturer on strategic matters, according to sources cited by the Wall Street Journal. Led by Paul Hilal, Mantle Ridge intends to meet with Air Products' board to discuss operational improvements, capital allocation strategies, and organizational initiatives. A key focus area involves succession planning for CEO Seifi Ghasemi, who is currently 80 years old. The activist investor's involvement suggests renewed investor scrutiny of the company's strategic direction and management transition timeline. These developments reflect a growing trend of activist investors pushing for substantive changes at mature industrial companies, with Mantle Ridge positioning itself as a catalyst for enhanced shareholder value creation at Air Products.