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43	43	= Business Overview =
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45		-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.
	45	+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. The business of Linde is not seasonal, neither is it dependent upon a single customer or a few customers. Linde carries inventories of merchant and cylinder gases and hardgoods to supply products to its customers on a reasonable delivery schedule. On-site plants and pipeline complexes have limited inventory. Inventory obsolescence is not material to Linde’s business.
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48	48	== Product manufacturing processes ==
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62	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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66	66	== Distribution processes ==
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68	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	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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	70	+== Competition ==
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	72	+Linde participates in highly competitive markets in industrial gases and engineering, which are characterized by a mixture of local, regional and global players, all of which exert competitive pressure on the parties. In locations where Linde has pipeline networks, which enable the company to provide reliable and economic supply of products to larger customers, Linde derives a competitive advantage. Competitors in the industrial gases industry include global and regional companies such as L’Air Liquide S.A., Air Products and Chemicals, Inc., Messer Group GmbH, Mitsubishi Chemical Holdings Corporation (through Taiyo Nippon Sanso Corporation) as well as an extensive number of small to medium size independent industrial gas companies which compete locally as producers or distributors. In addition, a significant portion of the international gases market relates to customer-owned plants.
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	74	+|Competitors|Revenue2021 (Amount in USD bn)
	75	+|Linde Plc.|$30.79
	76	+|(((
	77	+Air Liquide
	78	+)))|$22.70
	79	+|Air Product and Chemicals, Inc.|$12.69
	80	+|Messer Group |$1.10
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73	73	= History of Linde Plc =
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75	75	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.