Linde plc

Linde plc stands as the world's largest industrial gas company by both market share and revenue, serving customers across more than 100 countries with a comprehensive portfolio of atmospheric and process gases, engineering solutions, and technology services. The company was originally founded by German scientist and engineer Carl von Linde in 1879 in Wiesbaden, Germany, revolutionizing the refrigeration and liquefaction industries. Today, Linde plc is headquartered in Woking, United Kingdom, and registered in Ireland, following the transformative 2018 merger of Linde AG and Praxair that created a $90 billion industrial gases powerhouse.

The modern Linde plc was formed on October 31, 2018, through the merger of Germany's Linde AG and America's Praxair, Inc., in a deal valued at $35 billion with an overall merger value of $65 billion. This historic combination brought together two industry giants with complementary geographic footprints and technological capabilities, creating unparalleled scale and efficiency. Praxair itself had origins tracing back to 1907 when Carl von Linde opened the Linde Air Products Factory in Buffalo, New York. Following World War I, Linde's U.S. assets were confiscated and incorporated into Union Carbide Corporation, eventually being spun off in 1992 as Praxair. The 2018 merger reunited these historical branches.

Linde's business operates through four reportable segments that collectively generated $33 billion in sales for 2024. The Americas, EMEA (Europe/Middle East/Africa), and APAC (Asia/South Pacific) segments provide industrial gases across their regions. The Linde Engineering segment designs and manufactures equipment for air separation and industrial gas applications. Products include atmospheric gases (oxygen, nitrogen, argon) and process gases (hydrogen, helium, carbon dioxide, electronic gases) serving chemicals, energy, healthcare, electronics, manufacturing, and metals industries.

What distinguishes Linde is its commitment to innovation, operational excellence, and sustainability. In 2024, Linde achieved exceptional performance with a 25.9% return on capital, 29.5% operating margin, and 10% EPS growth excluding currency. The company generated $9.4 billion in operating cash flow and returned $7.1 billion to shareholders while investing $4.5 billion in capital expenditures. Linde signed 59 new agreements in 2024 to build 64 plants at customer sites, driven by electronics manufacturing, EV battery production, and decarbonization. Notable projects include a 100MW green hydrogen plant for Shell in Germany and expansion in Brazil. With 65,289 employees, 32 consecutive years of dividend increases, and $190+ billion market cap, Linde exemplifies operational excellence and sustainable value creation.