Air Liquide

A gas company that also cares for 2.3 million patients at home.

Healthcare earns about a sixth of sales and grows regardless of the industrial cycle.

How big is Air Liquide?

Mostly gas for workshops and big plants, then healthcare and chips.

• Industrial Merchant45%€12.1B
• Large Industries26%€7.1B
• Healthcare16%€4.4B
• Electronics9%€2.5B
• Engineering & Technologies3%€0.9B

Build plants beside customers. Lock in decades.

1. 1Plants next to customers
2. 2Pipelines, trucks, cylinders
3. 315-year take-or-pay deals

Big customers pay minimum volumes for at least 15 years, so a new plant brings predictable cash for decades.

• Foreign institutional investors54%
• Individual shareholders33%
• French institutional investors13%

CEO: François Jackow

1. 1-08Founded by Georges Claude and Paul Delorme
2. 1913Listed on the Paris Stock Exchange
3. 1985Enters electronics in Japan
4. 5-23Completes the Airgas acquisition
5. 3-22ADVANCE plan launched