Whatever happened to organic growth in the $72bn global industrial gases business?
As Praxair and Linde stand on the brink of a probable $65bn merger of equals, Air Products makes its move for China’s Yingde Gases, and various pockets of regional mergers and acquisitions (M&A) continue to proliferate, all in the wake of Air Liquide’s $13.4bn acquisition of Airgas last year, questions are posed of the organic growth prospects in the gases industry.
This is heightened by the increasing prominence of the specialty gases business as not only a niche within a niche, but an area of the gases industry in particularly strong growth mode. Specialty gases are a good space to be in right now.
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