Air Products said on Monday it would exit three projects in the U.S. and expects to record a pre-tax charge of nearly $3.1 billion in its second quarter to write down assets and terminate contractual commitments.

The Upper Macungie Township industrial gas company said the decision was made after a review initiated by the newly elected board of directors and new CEO Eduardo Menezes.

Air Products (NYSE:APD) said Monday it will exit three projects in the U.S., resulting in a Q2 pre-tax charge not to exceed $3.1B, primarily to write down assets and terminate contractual commitments.

Air Products has decided to exit three US-based projects including an agreement with World Energy for the development of a Sustainable Aviation Fuel expansion project in California, the construction of a 35 metric ton per day facility to produce green liquid hydrogen in New York,