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7	7	Linde Plc (FWB:LIN, NYSE:LIN) is an international industrial gas company established in 1879 in Germany and currently headquartered in Ireland with principal offices in the United Kingdom and the United States. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants. Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. The company employs approximately 80,000 people globally (65,273 full-time employees{{footnote}}https://finance.yahoo.com/quote/LIN/profile?p=LIN{{/footnote}}) and serves customers in more than 100 countries worldwide.{{footnote}}https://www.lindeus.com/the-new-linde{{/footnote}}
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	9	+Linde is a global enterprise with approximately 70% of its 2021 sales outside of the United States. The company also has majority or wholly owned subsidiaries that operate in approximately 45 European, Middle Eastern and African countries (including Germany, France, Sweden, the Republic of South Africa, and the United Kingdom (U.K.)); approximately 20 Asian and South Pacific countries (including China, Australia, India, South Korea and Thailand); and approximately 20 countries in North and South America (including Canada, Mexico and Brazil). The company also has equity method investments operating in Europe, Asia, Africa, the Middle East, and North America
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9	9	The company's reported segments are divided into four parts - Americas, EMEA (Europe, Middle East & Africa), APAC (Asia, Pacific), and Global other.
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11	11	Linde plc is dual listed on the New York Stock Exchange and Frankfurt Stock Exchange (Prime Standard) with the ticker symbol LIN.{{footnote}}https://investors.linde.com/stock-and-dividend-information{{/footnote}} As on January 30, 2023, the company is trading at USD 324.26 and EURO 299.85. Market cap of the company is $159.93 billion with about 492 million shares outstanding. Basic earnings per share (EPS) of the company during the previous financial year was $7.40 and in the quarter ended September 30, 2022 is $2.31.
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43	43	Linde Plc has two lines of business mainly - industrial gas, and engineering. Under industrial gas the company has two business lines - atmospheric gases and process gases. The engineering side of the business builds equipment that produces industrial gases. The company serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.
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45	45	== Product manufacturing processes ==
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	50	+=== Industrial Gas ===
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47	47	Atmospheric gases are the highest volume products produced by Linde. Using air as its raw material, Linde produces oxygen, nitrogen and argon through several air separation processes of which cryogenic air separation is the most prevalent. Rare gases, such as krypton, neon and xenon, are also produced through cryogenic air separation. As a pioneer in the industrial gases industry, Linde developed a wide range of proprietary and patented applications and supply systems technology. Linde also led the development and commercialization of non-cryogenic air separation technologies for the production of industrial gases.{{footnote}}See SEC Filing, 2021, p.4{{/footnote}} One of the many technologies include proprietary vacuum pressure swing adsorption (“VPSA”) and membrane separation to produce gaseous oxygen and nitrogen, respectively.
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49	49	Process gases, including carbon dioxide, hydrogen, carbon monoxide, helium, specialty gases and acetylene are produced by methods other than air separation. Most carbon dioxide is purchased from by-product sources, including chemical plants, refineries and industrial processes or is recovered from carbon dioxide wells. Carbon dioxide is processed in Linde’s plants to produce commercial and food-grade carbon dioxide.
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53	53	Helium is sourced from certain helium-rich natural gas streams in the United States, with additional supplies being acquired from outside the United States. Carbon monoxide can be produced by either steam methane reforming or autothermal reforming of natural gas or other feed streams such as naphtha. Acetylene is primarily sourced as a chemical by-product, but may also be produced from calcium carbide and water.
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	60	+=== Engineering ===
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	62	+Linde’s Engineering business has a global presence, with its focus on market segments such as olefin, natural gas, air separation, hydrogen and synthesis gas plants. The company plans, designs and constructs turnkey plants for the production and processing of gases. Linde’s plants are used in a wide variety of fields: in the petrochemical and chemical industries, in refineries and fertilizer plants, to recover air gases, to produce synthesis gases, to treat natural gas and to produce noble gases. The Engineering business either supplies plant components directly to the customer or to the industrial gas business of Linde which operates the plants under a long-term gases supply contract.
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55	55	== Distribution processes ==
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	68	+There are three basic distribution methods for industrial gases: (i) on-site or tonnage; (ii) merchant or bulk liquid; and (iii) packaged or cylinder gases. These distribution methods are often integrated, with products from all three supply modes coming from the same plant. The method of supply is generally determined by the lowest cost means of meeting the customer’s needs, depending upon factors such as volume requirements, purity, pattern of usage, and the form in which the product is used (as a gas or as a cryogenic liquid).
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	70	+Customers that require the largest volumes of product (typically oxygen, nitrogen and hydrogen) and that have a relatively constant demand pattern are supplied by cryogenic and process gas on-site plants. The merchant business is generally associated with distributable liquid oxygen, nitrogen, argon, carbon dioxide, hydrogen and helium. The deliveries generally are made from Linde’s plants by tanker trucks to storage containers at the customer’s site which are owned and maintained by Linde and leased to the customer. Customers requiring small volumes are supplied products in metal containers called cylinders, under medium to high pressure. Packaged gases include atmospheric gases, carbon dioxide, hydrogen, helium, acetylene and related products.
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59	59	= History of Linde Plc =
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61	61	Linde has a long-standing history of about 140 years. The company started in 1879 when Carl Linde found the Geselleschaft für Linde's Eismaschinen in Wiesbaden, Germany together with five partners. Linde had a mechanical refrigeration system which would have clear big benefits for beer brewing industry. In 1907, Carl Linde himself travels to the United States to establish Linde Air Products as a subsidiary in the US. The venture became a successful one. Due to the first world war, Linde loses the US subsidiary due to expropriation. Linde Air Products in the USA becomes a part of the newly formed Union Carbide Corporation in 1917. Linde division from the Union Carbide is spun off in 1992 to form Praxair and the newly formed company goes public. Praxair makes a couple of major acquisitions in the subsequent years. The company acquires Liquid Carbonic, which facilitates the company to enter Carbon Dioxide market and to give it a full product line of gases. The acquisition also extended Praxair's presence in South America, Poland, and Thailand. The right that was lost in 1917 to use the name Linde, the company regains it in 1999 in the United States. Story of the subsequent years of the company is a story of a series of acquisition. In 2000, Linde acquires the Swedish gases company AGA and therefore expands the business footprint in Northern Europe and South and Middle America. In 2004, Praxair acquires Air Liquide's Germany business expanding its business in the refining, chemical and steel industries along the pipeline systems, and smaller customers in bulk, medical, specialty and packaged gases. In 2006, Linde Group is formed after Linde AG acquires BOC. In the same year, the company sells Material Handling business that becomes and part of KION and still uses Linde as a brand name. Linde acquires in 2012 Lincare, a business with Linde roots in the United States. In 2013, Praxair acquires NuCO2, a leading provider of beverage carbonation solutions in the United States giving the company opportunity to continue growing the business in the US enhancing distribution efficiency, and extending NuCO2's offerings to customers in other regions of the world. In 2016, Praxair acquires Yara International ASA's (Yara) European CO,,2,, business expanding the company's presence in resilient end-markets such as food and beverage. In 2018, Praxair and Linde are merged to form Linde Plc.