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About Praxair, Inc.

Praxair makes lighter-than-air and heavier-than-air gases. The largest North American industrial gas supplier, it produces and sells atmospheric gases (oxygen, nitrogen, argon, and rare gases), as well as process and specialty gases (CO2, helium, and hydrogen), for the chemicals, food and beverage, semiconductor, and healthcare industries worldwide. It serves around 10 industries across more than 50 countries. Its Praxair Surface Technologies unit supplies high-temperature and corrosion-resistant metallic, ceramic, and powder coatings, mainly to the aircraft, plastics, and primary metals markets. In a long-running saga, Praxair and German gases comapny Linde have agreed to merge in a deal worth $80 billion.

Operations

Praxair operates in North America, Europe, South America, and Asia. In addition, Praxair operates its worldwide surface technologies business through Praxair Surface Technologies.

Praxair participates in the three main sectors of the industrial gas industry: on-site, merchant, and packaged gas supply. The company builds industrial gas plants at a customer's site (locking in long-term supply agreements), ships merchant gases (delivered liquids) by trucks, and sells packaged gases in canisters or large tanks. Praxair organizes its business segments primarily by region: North America (where it has more than 255 plants), Europe (about 70 plants), South America (almost 60 plants), and Asia (50 plants). The four segments contribute 95% of total company reveneue.

Praxair also operates a Surface Technologies unit, which supplies high-performance coatings from 45+ sites worldwide and generates about 5% of total sales.

Leading subsidiaries include White Martins Gases Industriais Ltda which conducts Praxair's South American industrial gases operations, Praxair Surface Technologies, Inc., which supplies wear-, heat-, and corrosion-resistant metallic and ceramic coatings and powders, and Praxair Distribution.

Geographic Reach

Praxair has facilities in Rio de Janeiro, Brazil; Shanghai, China; and Madrid, Spain. It also has operations in Tonawanda, New York and Burr Ridge, Illinois in the US; in Monterrey, Mexico; and Bangalore, India. Research and development for industrial gases is principally conducted at the Tonawanda, Burr Ridge, Shanghai, and Bangalore sites.

It also has operations in Korea and Thailand, with smaller operations in Taiwan and the Middle East.

North America (US, Canada, and Mexico) accounts for about 55% of the company's total revenues; Asia, more than 15%; South America, nearly 15%; and Europe, about 15%. More than half of the company's business is done outside the US.

Sales and Marketing

Praxair distributes its products through networks of hundreds of production plants, pipeline complexes, distribution centers and delivery vehicles. Major pipeline complexes are located in the US, Brazil, Spain, and Germany.

Financial Performance

In fiscal 2016, sales fell 2% to $10.5 billion due mostly to unfavorable currency effects and lower cost pass-through. These factors aside, it recorded 2% organic growth due to higher prices in North and South America, new project start-ups, and acquisitions in Europe.

Net income fell 3% to $1.5 billion due mostly to lower net revenue and tighter margins. The company incurred a $96 million expense relating to cost reductions and a $4 million pension settlement.

Cash form operations was up 3% to $2.8 billion due to lower working capital requirements and favorable changes in other long-term assets and liabilities, partially offset by lower net income.

Strategy

Praxair's growth strategy largely rests on acquisitions as organic growth has proved hard to come by recently. It spent $363 million on acquisitions in 2016, including on five industrial and medical gas business in the US, Panama, and Italy, as well as a leading supplier of CO2. To drive bottom line growth, the company undertook cost-cutting measures in 2016.

In response to French gas company Air Liquide's takeover of Airgas, Praxair plans to merge with German rival Linde, forming the world's largest industrial gas company. The company expects the merger to deliver $1 billion in synergies while expanding the company's global footprint and making it a more attractive destination for prospective employees.

Mergers and Acquisitions

Praxair and bitter German rival Linde originally proposed to merge in 2016 for a $80 billion deal. As of August 2018, the deal is yet to go through. This is because the merger will form the world's largest gas company, and easily surpassing French rival Air Liquide in annual sales. There seems to be lingering antitrust concerns as the US federal Trade Commission demanded more asset sales than the companies originally proposed. As a result, Praxair and Linde—which used to be the same company more than a century ago before falling out—remain under "a constructive dialogue". 

In 2016, the company acquired Norway-based Yara International, a leading carbon dioxide supplier, for $363 million. The acquisition expends its presence in end-markets such as food and drinks.

Also in 2016, Praxair acquired five industrial and medical gas companies with combined annual sales of more than $40 million. Of the five, three -- The Welding center, Welder Services, and A&B Electric Motors -- are in the US; one -- Geneva Industrial Gases -- is in Panama; and the fifth, Ossigas, is in Italy. The companies add to Praxair's geographic density.

Praxair, Inc.

10 RIVERVIEW DR
Danbury, CT 06810-6268
Phone: 1 (203) 837-2000

Stats

Employer Type: Publicly Owned
Stock Symbol: LIN
Stock Exchange: , NYSE
Chairman, President, and CEO: Stephen F. Angel
EVP: Scott E. Telesz
SVP and CFO: Matthew J. White
Employees (This Location): 400
Employees (All Locations): 26,461

Major Office Locations

Danbury, CT

Other Locations

Axis, AL
Decatur, AL
Gadsden, AL
Huntsville, AL
Mc Intosh, AL
Theodore, AL
Harrison, AR
Casa Grande, AZ
Flagstaff, AZ
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