Linde plc
Linde plc is a multinational industrial gases and engineering company headquartered in Guildford, United Kingdom, specializing in the production, distribution, and engineering applications of gases such as oxygen, nitrogen, argon, hydrogen, and carbon dioxide.[1][2] Formed in 2018 through the merger of Germany's Linde AG and the United States-based Praxair, Inc., it operates as the world's largest industrial gases supplier by market share and revenue, serving diverse sectors including chemicals, energy, electronics, healthcare, food and beverages, manufacturing, and metals.[3][4][5] In 2023, the company reported sales of $33 billion and employed approximately 65,000 people across operations in over 100 countries.[6][7] Linde's engineering division designs and constructs large-scale gas production plants and provides technologies for gas processing and clean energy solutions, contributing to its position as a key enabler in industrial processes and emerging hydrogen economies.[1][2]
Corporate Profile
Formation and Corporate Structure
Linde plc was established on October 31, 2018, as the result of a merger of equals between Linde AG, a German industrial gases company founded in 1879 by Carl von Linde as Gesellschaft für Linde's Eismaschinen Aktiengesellschaft in Wiesbaden to commercialize refrigeration technology, and Praxair, Inc., a U.S. firm with origins in the 1907 establishment of Linde Air Products Company, the first North American entity to produce liquefied air gases via cryogenic separation.[1][3][8] The merger agreement was signed on June 1, 2017, creating an entity with a pro forma market capitalization of approximately $90 billion and 2017 sales of $27 billion, serving customers in over 100 countries with around 80,000 employees.[3] Under the deal terms, each Praxair share was exchanged for one share of Linde plc, while Linde AG shareholders received 1.54 shares of Linde plc per tendered share, with fractional shares paid in cash.[3] The transaction integrated Linde AG's European engineering heritage with Praxair's North American gases distribution strengths, forming the world's largest industrial gases company by revenue and market value at the time.[3] Linde plc is incorporated as a public limited company under the laws of Ireland, with principal executive offices in Woking, United Kingdom, and additional key operations in the United States.[9] Its shares trade on the New York Stock Exchange (ticker: LIN) and the Frankfurt Stock Exchange (ticker: LIN).[3] The corporate structure centers on two primary operating segments: Industrial Gases, encompassing the production, distribution, and sale of atmospheric, process, and specialty gases to industries including chemicals, electronics, and healthcare; and Linde Engineering, focused on the design, procurement, construction, and maintenance of turnkey plants for gas production and processing.[1] Governance is directed by a unitary Board of Directors responsible for strategic oversight, risk management, and executive performance evaluation, supported by specialized committees that address audit, compensation, nominations, and corporate governance matters.[10] This framework incorporates policies such as a global Code of Business Integrity to ensure ethical operations across its multinational footprint, reflecting adaptations from the merged entities' prior structures while adhering to Irish corporate law requirements for public companies.[10]Leadership and Governance
Sanjiv Lamba serves as Chief Executive Officer of Linde plc, having been appointed to the role in March 2022, and joined the Board of Directors concurrently.[11] On September 29, 2025, Linde announced that Lamba would assume the additional role of Chairman of the Board effective February 1, 2026, succeeding Stephen F. Angel, who is retiring after 25 years with the company and a tenure as Chairman since the 2018 merger with Praxair.[12] [12] The executive leadership team includes Sean Durbin as Executive Vice President and Chief Operating Officer, effective October 1, 2025, overseeing global operations.[12] Other key executives comprise Matt White as Executive Vice President and Chief Financial Officer, Binod Patwari as Executive Vice President responsible for the Americas region, and Guillermo Bichara handling strategy and supply chain.[13] Linde's Board of Directors consists of independent members alongside Lamba and, until his retirement, Angel as Chairman; as of 2025, it includes figures such as Prof. Dr. Ann-Kristin Achleitner, Dr. Thomas Enders, Hugh Grant, Joe Kaeser, Dr. Victoria E. Ossadnik, and Alberto Weisser, selected for expertise in finance, engineering, agriculture, and energy sectors.[14] The Board maintains five standing committees—Audit, Compensation, Nominating and Corporate Governance, Health, Safety, Environment and Technology, and an Executive Committee—primarily composed of independent directors to ensure oversight on financial reporting, executive pay, risk management, and sustainability.[15] Corporate governance at Linde emphasizes ethical conduct, compliance, and shareholder alignment, as outlined in its Corporate Governance Guidelines updated in 2023, which prioritize board independence, director tenure limits, and annual evaluations while adapting leadership structure flexibly between combined Chairman-CEO and separate roles.[16] The company, domiciled in Ireland, adheres to Irish corporate law and U.S. stock exchange requirements as a Nasdaq-listed entity, with proxy statements disclosing board refreshment efforts, including seven retirements and five additions since 2022 to enhance diversity of skills.[17]Headquarters and Global Scale
Linde plc is incorporated in Ireland, with its registered office at Ten Earlsfort Terrace, Dublin 2, D02 T380.[18] Its principal executive offices are located at Forge, 43 Church Street West, Woking, Surrey, in the United Kingdom.[18] The company maintains operations across more than 80 countries, reflecting its extensive international presence.[19] As of December 31, 2024, Linde employed 65,289 people worldwide.[20] In 2024, it reported sales of $33 billion, with approximately 65% derived from markets outside the United States.[21][20] Linde operates a vast network of production facilities globally, including air separation plants, hydrogen production sites, and customer on-site installations.[20] In 2024 alone, the company entered into 59 long-term agreements to build, own, and operate 64 new small on-site plants, primarily driven by demand in electronics and decarbonization sectors.[22] This infrastructure supports its role as a leading supplier of industrial gases, with capabilities spanning engineering, procurement, and construction for large-scale projects worldwide.[23]Operations
Industrial Gases Division
 of process plants for industrial gases, hydrogen, and related applications worldwide.[31] This division delivers modular and customized solutions throughout the asset lifecycle, including design, fabrication, installation, and commissioning of facilities for gas production, separation, liquefaction, and processing.[32] Drawing on proprietary technologies developed over 140 years, it supports clients in sectors such as chemicals, energy, food and beverages, electronics, and aerospace by optimizing plant efficiency and integrating sustainable processes.[33] Key capabilities encompass hydrogen value chain technologies, from production via steam methane reforming or electrolysis to purification, liquefaction, and distribution infrastructure.[34] The division has engineered over 200 hydrogen refueling stations globally and provides decarbonization services, including carbon capture integration, energy optimization, and transitions to lower-carbon feedstocks.[35] Innovative process units include partial oxidation systems for heavy oil gasification, DRYREF™ for dry reforming in syngas production, and membrane-based helium recovery to enhance resource efficiency.[36] These technologies enable high-purity gas output and reduced emissions, with plants designed for scalability and operational reliability under varying feedstocks and conditions. Linde Engineering has executed thousands of projects, constructing facilities in locations such as Dresden, Germany; Schalchen, Austria; and Tulsa, Oklahoma, with a workforce supporting global EPC contracts.[37] In July 2025, the division committed to major expansions at its Mims, Florida, site to produce liquid oxygen and nitrogen for rocket propulsion, addressing growing demands in the commercial space industry.[38] This initiative underscores the division's role in enabling high-stakes applications requiring cryogenic gases at scale, with on-site manufacturing capabilities for components like cold boxes and heat exchangers ensuring project timelines and quality standards.[39]Key Applications and Markets
, manufacturing (22%), healthcare (17%), metals and mining (13%), food and beverage (9%), electronics (8%), and other (6%).[20] These markets leverage atmospheric gases like oxygen, nitrogen, and argon, alongside specialty and process gases such as hydrogen, delivered via on-site pipelines, merchant bulk, and packaged cylinders to support production efficiency, safety, and sustainability goals.[20][40] In chemicals and energy, Linde's gases enable process optimization, including hydrogen for clean fuel production and carbon capture systems to reduce emissions in refining and petrochemical operations; on-site supplies often serve large-volume facilities, contributing to the segment's leading revenue share.[1][20] Healthcare applications focus on medical oxygen for respiratory support and sterilization, with packaged gases ensuring reliable delivery to hospitals and clinics amid rising demand for life-saving therapies.[1][41] Electronics relies on Linde's high-purity gases for semiconductor fabrication, flat-panel display production, and advanced materials processing, where nitrogen and specialty mixtures prevent contamination and enhance yield in cleanroom environments; recent on-site project wins underscore growth in this high-tech market.[1][42] Manufacturing utilizes gases for welding, cutting, and heat treatment, improving energy efficiency and reducing costs across general industrial processes.[40] In metals and mining, oxygen supports oxyfuel melting in steelmaking furnaces, lowering fuel consumption and emissions while boosting productivity.[40] Food and beverage applications include carbon dioxide for beverage carbonation and nitrogen for packaging to extend shelf life and maintain product quality, often supplied through merchant and packaged channels.[1] Linde also offers sustainable variants like Linde GREEN™, produced with carbon-free energy, and low-carbon hydrogen to align with decarbonization trends across these markets.[40]History
Origins of Predecessor Companies
The origins of Linde AG trace to the work of German engineer Carl von Linde, who developed an ammonia-based refrigeration machine in 1875, enabling artificial ice production on an industrial scale.[43] In 1879, von Linde founded Gesellschaft für Linde's Eismaschinen Aktiengesellschaft in Wiesbaden, Germany, initially focusing on refrigeration equipment for breweries and meatpacking industries.[43] The company expanded into gas liquefaction and separation technologies, pioneering cryogenic air separation processes in the early 20th century, which laid the foundation for modern industrial gas production.[1] Praxair's lineage began with the establishment of Linde Air Products Company in 1907 as the first North American firm to commercialize cryogenically produced oxygen, founded under the auspices of Carl von Linde to extend his German innovations to the United States market.[44] This entity merged into Union Carbide Corporation in 1917, forming the core of Union Carbide's Linde Division, which grew through wartime demand for oxygen and welding gases.[8] In 1992, Union Carbide spun off its gases business as an independent public company named Praxair, Inc., headquartered in Danbury, Connecticut, to focus on industrial gases, distribution, and related technologies.[44] This separation allowed Praxair to pursue aggressive global expansion independent of Union Carbide's chemical operations.[8]Major Mergers and Acquisitions
In 2000, Linde AG acquired AGA AB, Sweden's largest industrial gases producer, strengthening its market position in the Nordic countries and expanding its product portfolio in welding and medical gases.[45] The acquisition received European Commission approval on February 9, 2000, subject to divestitures of overlapping assets to address competition concerns.[46] Linde's most substantial acquisition occurred in 2006, when it purchased The BOC Group plc, a British industrial gases firm, for $12.3 billion in cash.[47] The deal, initially agreed in March 2006 at €16 per share, was completed in September 2006 after regulatory approvals, including U.S. Federal Trade Commission-mandated divestitures of certain air separation units.[48][49] This transaction formed The Linde Group, the world's largest supplier of industrial gases by revenue at the time, with combined annual sales exceeding €13 billion and operations in over 70 countries.[50][1] The formation of Linde plc stemmed from the 2018 merger of equals with U.S.-based Praxair Inc., completed on October 31, 2018, in an all-stock transaction valued at approximately $80 billion based on combined market capitalization.[3][51] Linde shareholders received 1.540 shares of the new entity for each Linde share, while Praxair shareholders received one share per Praxair share, preserving approximate parity in ownership.[52] The merger, announced in June 2017, integrated complementary regional strengths—Linde's dominance in Europe and Asia with Praxair's in the Americas—yielding pro forma 2017 revenues of $30.8 billion and creating a company with over 80,000 employees serving diverse sectors including electronics, healthcare, and energy.[53][54] Regulatory hurdles, including U.S. Department of Justice requirements for asset sales totaling $1.25 billion, delayed closure but were resolved without material disruption.[55]Developments Since 2018 Merger
Following the completion of the merger between Linde AG and Praxair Inc. on October 31, 2018, Linde plc addressed regulatory requirements by divesting assets in multiple markets to mitigate antitrust concerns. The U.S. Federal Trade Commission mandated divestitures in nine industrial gases product markets, which were executed to preserve competition. In December 2018, Linde sold the majority of Praxair's European packaged gases business to Taiyo Nippon Sanso Corporation for approximately €435 million, enabling regulatory approvals across jurisdictions including lingering challenges in Argentina resolved by 2025 through additional concessions. These actions facilitated integration, though the company noted potential short-term disruptions from purchase accounting effects on reported earnings.[56][57][58] Linde achieved steady financial growth post-merger, reporting sales of $14.9 billion in 2018, with underlying revenue expanding at an average annual rate of about 4.1% through subsequent years driven by pricing, volume gains in emerging markets, and project execution. Earnings per share growth targeted 8-12% annually in early projections, supported by operational efficiencies and a focus on high-margin segments like electronics and healthcare gases; by 2024, net margins reached 20.2% and return on equity stood at 17.2%. The company pursued selective acquisitions to bolster distribution, including full ownership of nexAir, LLC—a major U.S. packaged gases distributor—in January 2023, enhancing regional market penetration without significant overlap risks. Market capitalization grew to approximately $220 billion by February 2025, reflecting investor confidence in Linde's oligopolistic position in the global industrial gases sector.[59][60][61][62][63][64] Strategic investments emphasized clean energy transitions and infrastructure expansion, aligning with demand for hydrogen and decarbonization technologies. Linde committed over $2.2 billion to hydrogen-related projects globally by the mid-2020s, including electrolyzer deployments for green hydrogen production. In August 2025, it secured €4.3 million in funding to construct a 5 MW alkaline electrolysis plant in Leuna, Germany, augmenting existing hydrogen facilities to support industrial off-take. The company signed a long-term supply agreement in June 2025 for industrial gases to a world-scale low-carbon ammonia facility in Louisiana, incorporating carbon capture elements. In July 2025, Linde announced expansions at its Mims, Florida, site to supply liquid oxygen and nitrogen for commercial space launches, targeting growth in aerospace applications amid rising rocket propulsion needs. These moves positioned Linde as a key enabler in low-emission fuels, with hydrogen sales contributing to broader sustainability goals without compromising core profitability.[65][66][67][68]Technological Innovations
Core Gas Production and Separation Technologies
Linde plc's core gas production and separation technologies center on cryogenic air separation, a process pioneered by Carl von Linde with the development of the first industrial-scale air separation unit in 1902.[69] This method involves compressing atmospheric air, cooling it to cryogenic temperatures below -185°C to liquefy it, and then fractionally distilling the liquid air in a double-column rectification system, where oxygen (boiling point -183°C) and nitrogen (boiling point -196°C) are separated based on their differing volatilities, with argon and rare gases recovered as byproducts.[70] The double-column setup integrates a high-pressure column for initial separation and a low-pressure column for refinement, achieving purities exceeding 99.5% for oxygen and nitrogen, enabling production capacities from modular units supplying hundreds of normal cubic meters per hour to large-scale plants exceeding 5,000 tonnes per day of oxygen.[71] Over 4,000 such air separation units operate worldwide, supporting applications in steelmaking, chemicals, and electronics.[69] Complementing cryogenic distillation, Linde employs pressure swing adsorption (PSA) for efficient, non-cryogenic gas separation, particularly for hydrogen purification and smaller-scale oxygen or nitrogen generation.[72] In PSA systems, gas mixtures pass through adsorbent beds (typically zeolite or activated carbon) under high pressure, where impurities adsorb selectively while the target gas (e.g., hydrogen at up to 99.999% purity) is collected; pressure is then reduced to desorb and regenerate the adsorbent in a cyclic process.[73] Linde's PSA technology recovers hydrogen from syngas streams in refining and ammonia production, with plants scalable from portable units to industrial installations processing thousands of Nm³/h.[74] This method offers lower energy use than cryogenic processes for certain feeds, though it is less suited for ultra-high volumes of atmospheric gases.[75] For natural gas processing, Linde applies cryogenic turbo-expander technologies to separate and recover natural gas liquids (NGLs), liquefied petroleum gases (LPG), and helium, cooling feed gas via expansion to achieve phase separation at temperatures around -100°C to -160°C.[76] These processes, integrated into over 30 LNG liquefaction plants built by Linde, enable efficient fractionation of methane from heavier hydrocarbons, with recovery rates exceeding 95% for ethane and propane in some configurations.[77] While cryogenic methods dominate Linde's portfolio for bulk production of high-purity industrial gases like oxygen, nitrogen, and argon, PSA and hybrid systems provide flexibility for on-site generation and purification of process gases such as hydrogen and carbon dioxide.[72]Research and Development Efforts
Linde's research and development activities primarily target advancements in gas processing, separation, and liquefaction technologies, as well as applications for advanced materials and industrial gases. These efforts support enhancements in core operations such as air separation units (ASUs) and hydrogen production systems, enabling more efficient production and distribution of gases like oxygen, nitrogen, and argon.[20] In 2024, the company allocated $150 million to R&D expenditures, reflecting a focused investment relative to its scale in developing proprietary technologies for energy-intensive industries.[78] Key R&D facilities include the Tonawanda, New York, engineering hub, which conducts research on air separation, hydrogen, and syngas plants, serving as a center for process optimization and prototype testing.[79] The Electronics R&D Center in Taiwan specializes in gas applications for semiconductor manufacturing, addressing purity and delivery challenges in high-tech fabrication.[80] Additional specialized centers support sectors like food processing, with test labs for gas-based preservation techniques, and additive manufacturing, offering process simulation and monitoring R&D.[81][82] Notable outcomes include collaborative innovations such as DRYREF™ and SYNSPIRE™, dry reforming technologies developed with BASF to reduce CO2 emissions in syngas production, which earned the ICIS Best Process Innovation Award in 2020 and continue to inform low-carbon gas processing.[83] Linde also engages in R&D alliances for carbon capture, utilization, and storage (CCUS), leveraging government-funded partnerships to advance hydrogen and synthesis gas technologies amid growing demand for decarbonization solutions.[84] These initiatives underscore a strategic emphasis on cryogenic and electrochemical processes to improve yield, safety, and environmental performance in gas handling.[33]  technologies. Linde leverages its expertise in gas processing to advance low-carbon hydrogen, distinguishing between green hydrogen (produced via electrolysis using renewable energy) and blue hydrogen (produced from natural gas with CCUS). In the United States, approximately 90% of Linde's clean hydrogen projects as of early 2025 focus on blue hydrogen, reflecting practical challenges in scaling green alternatives amid regulatory and infrastructure hurdles.[87] Key hydrogen projects include a $2 billion investment announced in August 2024 for an integrated clean hydrogen and atmospheric gases facility in Alberta, Canada, aimed at producing low-carbon hydrogen for regional industrial use.[88] In Germany, Linde contracted in August 2024 to construct a 100 MW proton exchange membrane (PEM) electrolyzer plant for Shell's REFHYNE II project, capable of generating 44,000 kilograms of green hydrogen per day starting in 2027.[89] Additionally, in August 2025, Linde secured €4.3 million in funding to expand green hydrogen electrolysis capacity with a 5 MW alkaline electrolyzer at its Leuna site in Saxony-Anhalt, Germany, enhancing regional production for mobility and industry.[66] In the U.S., Linde plans to build an industrial-scale electrolyzer powered by hydroelectricity to produce green liquid hydrogen, with operations expected to commence in the late 2020s.[90] Linde's CCUS initiatives target emissions from hard-to-abate sectors such as cement, chemicals, and power generation. In April 2023, Linde partnered with Heidelberg Materials to deploy carbon capture at the Lengfurt cement plant in Germany, aiming to sequester significant CO2 volumes for permanent storage.[91] A December 2024 collaboration with SLB and Aramco in Jubail, Saudi Arabia, will develop a facility capturing up to 9 million metric tons of CO2 annually from industrial sources.[92] For ammonia production, Linde supplies CO2 liquefaction technology to Yara's Sluiskil project in the Netherlands, enabling the capture of 800,000 tons of CO2 per year as part of a low-carbon ammonia initiative operational from 2024.[93] In August 2025, Linde advanced CCUS at a cement facility, projected to eliminate 400,000 metric tons of CO2 emissions annually through capture, compression, and storage.[94] These projects underscore Linde's role in deploying proprietary technologies to compress and purify CO2 for utilization or geological storage, though scalability depends on policy incentives and infrastructure development.[95]Financial Performance
Revenue, Profit, and Segment Breakdown
In 2024, Linde plc reported total sales of $33.0 billion, flat year-over-year on a reported basis but with underlying sales growth of 2% driven by pricing and volume increases in key markets.[24] Adjusted operating profit reached $9.7 billion, up 7% from 2023, reflecting productivity gains and cost discipline amid stable macroeconomic conditions, with an adjusted operating margin expansion to 29.5%.[20] Net profit for the year was $6.7 billion, a 6% increase from $6.3 billion in 2023, supported by higher operating results offset partially by elevated interest expenses.[96] Linde's operations are primarily divided into three geographic segments for industrial gases—Americas, Europe/Middle East/Africa (EMEA), and Asia-Pacific (APAC)—plus the Engineering segment, which accounted for approximately 7% of total sales. The Americas segment generated the largest share of revenue at $14.4 billion (44% of total), benefiting from strong demand in electronics and healthcare applications, with operating profit of $4.6 billion and a margin of 31.5%.[24][20] EMEA sales totaled $8.4 billion (25%), with operating profit of $2.8 billion at a 33.3% margin, though underlying sales declined slightly due to lower project activity in Europe.[24] APAC contributed $6.6 billion in sales (20%), with operating profit of $1.9 billion and a 28.9% margin, driven by growth in clean energy and refining sectors in China and India.[24] The Engineering segment reported $2.3 billion in sales, primarily from large-scale air separation and hydrogen plants, yielding $410 million in operating profit at a lower 17.7% margin due to project timing and execution costs.[24]| Segment | Sales ($ million) | % of Total | Operating Profit ($ million) | Margin (%) |
|---|---|---|---|---|
| Americas | 14,442 | 44 | 4,550 | 31.5 |
| EMEA | 8,352 | 25 | 2,780 | 33.3 |
| APAC | 6,632 | 20 | 1,918 | 28.9 |
| Engineering | 2,322 | 7 | 410 | 17.7 |
| Total | 33,005 | 100 | 9,720 (adj.) | 29.5 |
Market Capitalization and Stock Trends
As of October 23, 2025, Linde plc's market capitalization is $211.05 billion, positioning it as one of the largest firms in the industrial gases industry by market value.[98] This figure reflects the company's shares outstanding multiplied by its closing stock price of approximately $446 on the New York Stock Exchange (NYSE: LIN).[99] The market cap has fluctuated between $198 billion and $227 billion over the past year, influenced by broader market dynamics in commodities and manufacturing sectors.[100] Linde's stock has exhibited steady long-term appreciation since the 2018 merger forming the company, driven by consistent demand for essential gases in healthcare, electronics, and energy applications. From 2020 to 2025, the shares have more than doubled in value, with a five-year total return of 110.22%, including dividends, outperforming many peers amid post-pandemic industrial recovery and investments in hydrogen technologies.[101] Annual total returns, as reported by the company, include +33.86% in 2021, -3.68% in 2022 (amid global supply chain disruptions), +29.01% in 2023, +2.22% in 2024, and +7.69% year-to-date in 2025.[102]| Year | Total Return (%) |
|---|---|
| 2021 | +33.86 |
| 2022 | -3.68 |
| 2023 | +29.01 |
| 2024 | +2.22 |
| 2025 (YTD) | +7.69 |