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Linde plc is a leading global industrial gases and engineering company, primarily engaged in the production and distribution of atmospheric gases such as oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene . The company's operations are divided into two major product lines: industrial gases and engineering, with the industrial gases segment managed on a geographic basis across the Americas, EMEA (Europe, Middle East, and Africa), and APAC (Asia/South Pacific) regions, while the engineering segment operates globally . In 2023, approximately 90% of Linde's consolidated sales were generated from industrial gases, with the remaining 10% coming from the engineering segment and other activities .
- Industrial Gases - Produces and distributes atmospheric and process gases, managed geographically across the Americas, EMEA, and APAC regions.
- Engineering - Designs and constructs plants for air separation, hydrogen production, and other industrial gas applications, operating on a global scale.
- Advanced Material Technologies - Includes sputtering targets and coatings, contributing to the company's diverse product offerings.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Binod Patwari Executive | Senior Vice President-APAC | None. | SVP-APAC since November 2024. Previously Managing Director of Linde\u2019s South Pacific Region. | |
Guillermo Bichara Executive | Executive Vice President and Chief Legal Officer | None. | Chief Legal Officer since 2006. Previously held legal leadership roles in Praxair Mexico and Asia. | |
Juergen Nowicki Executive | EVP and CEO, Linde Engineering | None. | CEO of Linde Engineering since April 2020. Joined Linde in 1991 and held various finance and leadership roles. | |
Matthew J. White Executive | Executive Vice President and CFO | None. | CFO of Linde since October 2018. Previously CFO of Praxair and held various finance roles since joining Praxair in 2004. | |
Sanjiv Lamba Executive | Chief Executive Officer | Board Member of the Hydrogen Council; Member of the Business Council. | CEO of Linde since March 2022. Previously COO and EVP for APAC. Joined Linde in 1989. | |
Sean Durbin Executive | Executive Vice President, North America | None. | EVP, North America since September 2023. Previously EVP, EMEA, and held various leadership roles at Linde and Praxair since 1993. | |
Alberto Weisser Board | Director | Supervisory Board Member at Bayer AG; Board Member at PepsiCo; Member of Temasek Americas Advisory Panel. | Director at Linde since 2021. Former CEO of Bunge Limited with extensive experience in finance and global markets. | |
Dr. Thomas Enders Board | Director | Chairman of Lilium N.V.; Supervisory Board Member at Lufthansa Group; Director at Helsing; President of DGAP; Director at GE Aerospace. | Director at Linde since 2018. Former CEO of Airbus SE with extensive international and operational expertise. | |
Dr. Victoria E. Ossadnik Board | Director | Management Board Member at E.ON SE; Supervisory Board Member at Munich Re. | Director at Linde since 2018. Technology and digital transformation expert with leadership roles in energy and finance. | |
Hugh Grant Board | Director | Director at Freeport-McMoRan; Board Member at Invaio Sciences and CIBO Technologies. | Director at Linde since January 2023. Former CEO of Monsanto Company with significant global business experience. | |
Joe Kaeser Board | Director | Chairman of Daimler Truck Holding AG and Siemens Energy AG. | Director at Linde since 2021. Former CEO of Siemens AG with deep expertise in industrial manufacturing and technology. | |
Paula Rosput Reynolds Board | Director | Chair of National Grid plc; Director at GE Vernova. | Director at Linde since February 2024. Former CEO of AGL Resources and Safeco Corporation with extensive energy and financial expertise. | |
Prof. DDr. Ann-Kristin Achleitner Board | Director | Board Member at Lazard Ltd., Munich Re, and Techem GmbH; Vice Chairwoman of planqc GmbH. | Director at Linde since 2018. Financial expert with extensive board experience in various industries. | |
Robert L. Wood Board | Lead Independent Director | Chairman of MRC Global Inc.. | Lead Independent Director at Linde since 2018. Former CEO of Chemtura Corporation with deep knowledge of the chemicals industry. | |
Stephen F. Angel Board | Chairman of the Board | Director at GE Aerospace; Non-Executive Chairman of GE Vernova; Member of the Business Council. | Chairman of Linde since March 2022. Former CEO of Linde and Praxair. Extensive leadership experience in industrial gases. |
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Given the ongoing economic weakness in regions like Europe and China, and the decline in industrial-related end markets by 1% to 2% sequentially, what specific measures are you taking to mitigate these challenges and maintain growth in these markets?
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With the targeted cost reductions affecting approximately 2% of your global workforce, how do you anticipate this will impact your operational efficiency and ability to serve customers, especially in areas where you're seeing growth like North America and India?
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Considering the significant investment of over $2 billion in the Dow Chemical project expected to start up in late 2028, what are the key risks associated with this long-term project, and how confident are you in achieving the expected returns given potential economic uncertainties?
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Despite not having heard from any major customers in Europe about shutdowns, how are you preparing for potential future closures or restructuring in the European industry that could impact your contracts and supply agreements?
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With mid-single-digit declines in hard goods sales reflecting industrial weakness, particularly in the U.S., what strategies are you implementing to address this trend and bolster demand in your hard goods and related businesses?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
L’Air Liquide S.A. | Competitors in the industrial gases industry include global and regional companies such as this company, which is a significant player in the market. |
This company is one of the global competitors in the industrial gases industry, competing with Linde. | |
Messer Group GmbH | This company is mentioned as a competitor in the industrial gases industry, indicating its presence in the market. |
Mitsubishi Chemical Holdings Corporation | Through Taiyo Nippon Sanso Corporation, this company competes in the industrial gases industry. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
nexAir, LLC | 2023 | Completed acquisition: Linde acquired the remaining 77% of nexAir, LLC in an all-cash transaction on January 5, 2023, at a total purchase price of $859 million (or $804 million net of cash acquired), including a previously held 23% interest valued at $183 million, resulting in $458 million of goodwill; the deal expanded Linde’s U.S. geographical footprint and integrated nexAir’s assets—ranging from property, plant, and equipment to customer relationships—into its Americas segment. |
Multiple companies in the EMEA and Americas regions | 2022 | Planned/completed acquisitions: For the nine months ended September 30, 2022, acquisitions net of cash acquired amounted to $110 million across the EMEA and Americas regions, though detailed deal structure, strategic rationale, and specific key assets were not provided. |
Multiple companies in the EMEA region | 2022 | Planned/completed acquisitions: Acquisitions in the EMEA region for the six months ended June 30, 2022 amounted to $49 million, with no additional details on the deal value breakdown, strategic fit, or specific assets acquired. |
Recent press releases and 8-K filings for LIN.
- Sales of $8.1 billion, EPS of $3.95 (up 5% YoY, 8% excluding FX), and an operating margin of 30.1% (improved by 120 bps)
- Reported diluted EPS of $3.51 and operating cash flow of $2.2 billion (up 11% YoY)
- Guidance Update: Q2 EPS expected between $3.95 and $4.05 with full-year adjusted EPS in the range $16.20–$16.50
- Capital Investments: $1.3 billion in CAPEX allocated to base CapEx and projects, with updated CAPEX guidance of $5.0B–$5.5B and a project backlog ranging from a record $7 billion sale to over $10 billion
- Regional & Dividend Highlights: The Americas led with $3,666 MM in sales, APAC and EMEA posted mixed results, and an 8% dividend increase was announced