Air Products and Chemicals, Inc. is a world-leading industrial gases company founded in 1940. The company focuses on serving energy, environmental, and emerging markets, offering products and services that enable customers to improve their environmental performance, product quality, and productivity. Air Products' core industrial gases business provides essential gases, related equipment, and applications expertise to customers in various industries. The company is also involved in developing, engineering, building, owning, and operating clean hydrogen projects.

The company's two-pillar growth strategy includes optimizing and growing its core industrial gases business while developing clean hydrogen projects. The company competes with Air Liquide S.A., Linde plc, and Messer Group GmbH, as well as regional competitors. Air Products derives a competitive advantage in locations where it has pipeline networks.

• Employees: 23,000 (as of 30 September 2024)
• Geographic Footprint: Operates in approximately 50 countries and regions outside the United States
• Headquarters: Allentown, Pennsylvania
• Founded: 1940
• Number of locations/facilities: Approximately 465 production and distribution facilities in the Americas, 300 in Asia, 245 in Europe, and 15 in Middle East and India.
• Revenue: $12.1 billion (FY2024)
• Market Capitalization: Approximately $53.7 billion (as of 31 March 2024)
• Key Subsidiaries/Brands: Rotoflow, Gardner Cryogenics

• CEO: Seifi Ghasemi
• CFO: Melissa N. Schaeffer
• Executive Vice President, General Counsel and Secretary: Sean D. Major
• President, Europe and Africa: Ivo Bols
• President, Project Delivery and Technical: Wolfgang Brand
• Executive Vice President, Chief Human Resources Officer: Victoria Brifo
• Executive Vice President, Chief Information Officer: Brian Galovich
• President, Middle East and India: Ahmed Hababou
• President, Asia: Kurt Lefevere
• President, Americas: Francesco Maione
• President, Equipment Businesses: Wilbur Mok
• Senior Vice President, Global Helium and Rare Gases: Walter L. Nelson

The Management Board members were designated as executive officers effective 1 October 2024. The information provided is as of 21 November 2024.

• Annual Revenue: $12.1 billion (FY2024)
• Net Income: $3.9 billion (FY2024)
• Market Cap: $53.7 billion (as of 31 March 2024)
• Total Assets: $39.6 billion (as of 30 September 2024)
• Employees: 23,000 (as of 30 September 2024)
• Key Financial Highlights: Operating income increased by 79% to $4.5 billion, primarily due to a $1.6 billion gain on the sale of the LNG business. Adjusted EBITDA increased by 7% to $5.0 billion. Diluted EPS increased by 67% to $17.24, and adjusted diluted EPS increased by 8% to $12.43.

Air Products provides a range of industrial gases, related equipment, and services:

• Atmospheric Gases: Oxygen, nitrogen, and argon produced through air separation processes.
• Process Gases: Hydrogen, helium, carbon dioxide, carbon monoxide, and syngas.
• Specialty Gases: Various specialty gases for specific applications.
• Industrial Gases Equipment: Equipment for air separation, hydrocarbon recovery, and liquid helium and hydrogen transport and storage.
• Clean Hydrogen Projects: Development, engineering, building, owning, and operating of clean hydrogen production facilities.

The company manages its operations under five reportable segments:

• Americas: Produces and sells industrial gases in North and South America.
• Asia: Produces and sells industrial gases in Asia.
• Europe: Produces and sells industrial gases in Europe.
• Middle East and India: Produces and sells industrial gases in the Middle East and India.
• Corporate and other: Includes the sale of equipment businesses, costs for corporate support functions, and global management activities.

Overall regional industrial gases sales constituted over 90% of consolidated sales in fiscal years 2024, 2023, and 2022, approximately half of which were attributable to atmospheric gases.

Air Products' strategy is focused on two pillars: optimizing and growing its core industrial gases business and developing clean hydrogen projects. The company aims to generate a cleaner future by offering products and services that improve environmental performance, product quality, and productivity. Key strategic initiatives include:

• Investing in low- and zero-carbon hydrogen projects.
• Deploying capital in core industrial gases business.
• Focusing on strategic productivity actions to improve cost structure.
• Rewarding shareholders through increased dividends.

The company is also focused on the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors.

Air Products operates in the industrial gases industry, which is characterized by a few global players and regional competitors. Key market trends affecting the business include:

• Increasing demand for clean hydrogen.
• Growing focus on decarbonization solutions.
• Fluctuations in energy and raw material prices.

Major competitors include Air Liquide S.A., Linde plc, and Messer Group GmbH. The company competes primarily on price, reliability of supply, and the development of industrial gas applications. Air Products derives a competitive advantage in locations where it has pipeline networks.

• Economic Risks: Changes in global and regional economic conditions, the markets served, and financial markets may adversely affect results of operations and cash flows.
• International Operations Risks: Extensive international operations are subject to operational, economic, political, security, legal, and currency translation risks.
• Project Risks: Risks related to the approval, execution, and operation of projects, particularly large-scale projects, may adversely affect operations or financial results.
• Operational Risks: The operation of facilities, pipelines, and delivery systems inherently entails hazards that require continuous oversight and control.
• Regulatory Risks: Extensive government regulation in the jurisdictions in which the company does business can negatively impact financial condition, results of operations, and cash flows.