Exhibit 12

AIR PRODUCTS AND CHEMICALS, INC., AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Unaudited)

	Year Ended 30 September															Nine Months Ended 30 June
	1999			2000			2001			2002			2003			2004
Earnings:
Income from continuing operations	$	450.5		$	124.2		$	465.6		$	525.4		$	400.2		$	436.0
Add (deduct):
Provision for income taxes		209.5			(7.5	)		196.2			247.5			154.0			174.5
Fixed charges, excluding capitalized interest		194.4			232.6			226.5			150.3			150.6			112.9
Capitalized interest amortized during the period		6.1			6.6			7.1			7.2			6.5			6.6
Undistributed earnings of less-than-fifty-percent-owned affiliates		(44.5	)		(32.1	)		(34.3	)		(42.8	)		(2.6	)		(17.5	)
Earnings, as adjusted	$	816.0		$	323.8		$	861.1		$	887.6		$	708.7		$	712.5
Fixed Charges:
Interest on indebtedness, including capital lease obligations	$	175.4		$	210.3		$	201.6		$	126.4		$	126.9		$	95.3
Capitalized interest		24.7			19.7			8.8			11.7			6.2			6.3
Amortization of debt discount premium and expense		1.3			3.1			5.6			2.2			2.1			1.1
Portion of rents under operating leases representative of the interest factor		17.7			19.3			19.3			21.7			21.6			16.5
Fixed charges	$	219.1		$	252.4		$	235.3		$	162.0		$	156.8		$	119.2
Ratio of Earnings to Fixed Charges:		3.7			1.3			3.7			5.5			4.5			6.0