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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.
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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.
- L’Air Liquide S.A. - Global competitor in the industrial gases industry .
- Air Products and Chemicals, Inc. - Global competitor in the industrial gases industry .
- Messer Group GmbH - Global competitor in the industrial gases industry .
- Mitsubishi Chemical Holdings Corporation (through Taiyo Nippon Sanso Corporation) - Global competitor in the industrial gases industry .
Recent developments and announcements about LIN.
Financial Actions
Debt Issuance
The document indicates that LIN has created a direct financial obligation or entered into an off-balance sheet arrangement. This is referenced under the section titled "Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant" . However, the document does not provide specific details about the nature of the obligation or its potential effects on the company's balance sheet and financial health. For a comprehensive understanding, it would be necessary to refer to the section "Item 1.01. Entry into a Material Definitive Agreement," which is incorporated by reference but not included in the provided text.
Corporate Leadership
Leadership Change
John Panikar is leaving his position as Executive Vice President-APAC at Linde, effective November 1, 2024, as he plans to retire on March 31, 2025, after 33 years with the company. Binod Patwari will step up as the new Senior Vice President-APAC, taking over Mr. Panikar's responsibilities for the APAC region .