Checkmate: Who moves next at the top table


Mergers and acquisitions (M&A) have been very much the story of the global industrial gases business over the last half-decade, as companies big and small have sought to acquire market share and buy into bigger, faster growth than the market at large affords.

This has culminated in two of the biggest shake-ups in the order of the industry, the latest being the $70bn merger of Praxair, Inc. and The Linde Group that creates a new, undisputed leader in the global gases business.

Both companies have long sat at the top table in the industrial gas business, as ‘Tier One’ players that each boast more than $1.2bn in annual sales, respectively. It’s a select club and in merging, one that Praxair and Linde have shaken up the order in.

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