With Airgas in the Fold, Air Liquide Seeks to Recharge Organic Growth: We Raise Our FVE to EUR 96
Narrow-moat Air Liquide’s third-quarter activity was dominated by the $13.1 billion Airgas acquisition, including initial integration steps and completion of a longer-term financing package. Its moderately favorable quarterly revenue and year-to-date results present a roadmap for the steady pickup we expect at all four global industrial gas, or IG, majors over the next year. Key elements include contributions from new facilities, strength in less economically sensitive healthcare and electronics...L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.
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