By selling 'gases', this century-old 'old store' earned 180 billion RMB last year.

The Anxiety of a 'Gas Kingdom' As the first CEO of the newly merged company, Steve Ange perhaps did not anticipate that, upon assuming office, he would have to lead the company into a head-on confrontation with automotive giants. A consensus emerging from the automotive industry has raised Steve Ange’s concerns. Automotive giants—including Volkswagen Group—believe fuel-cell vehicles will no longer be market-viable within the next decade and thus advocate a shift toward battery electric vehicles (BEVs). This strategic pivot will trigger a cascade of ripple effects. Compared with other industries, the automotive sector drives hundreds—if not thousands—of related industries; the widespread adoption of BEVs will fundamentally reshape its upstream and downstream landscape. Take the petrochemical industry as an example: replacing fossil fuels with electricity would severely impact global refineries—which are major consumers of industrial gases—and render Linde’s air separation units obsolete. In China, air separation units are deployed across major refineries, playing a vital role in ensuring safe refinery operations. Since German inventor Karl Benz unveiled the world’s first automobile in October 1885, cars have been powered by internal combustion engines for over 130 years. Yet today, battery-electric vehicle manufacturers—led by Tesla—are transforming the automotive industry’s powertrain paradigm. The rapid rise of these EV companies has left traditional automakers deeply unsettled. Even more unsettling is the shifting stance of these legacy automakers themselves. Steve Ange has just taken the helm of a new 'gas kingdom'—and now faces mounting headwinds threatening corporate growth. Just one month ago, Linde Group released its 2018 financial report: revenue rose 5% year-on-year, reaching $28.1 billion—of which $24 billion came from gases, and 31% from manufacturing. The gas giant also projected that 2019 sales growth would fall short of the 5% achieved in 2018. As the first full fiscal year following the merger, the pressure on Steve Ange is palpable. Linde’s potential breakthrough in the automotive sector may lie in the development of hydrogen fuel-cell powertrains. This 'century-old store' holds strong confidence in hydrogen’s application prospects—and has already begun strategic positioning. Christian Bruch, Executive Vice President and CEO of Linde Engineering, stated: 'The new company will focus on major hydrogen economy growth regions—including Western Europe, North America, South Korea, and China.' In China, Linde Group signed a strategic cooperation memorandum on hydrogen energy with China Electric Smart Integrated Energy Co., Ltd. in November 2018. At the Hannover Messe industrial trade fair held April 1–5, Markus Bachmeier, Head of Linde’s Hydrogen Solutions division, expressed strong confidence in the future of fuel-cell passenger vehicles. Yet Linde confronts the persistent challenge of hydrogen commercialization. Spencer Dale, BP’s Chief Economist, noted that no country has yet achieved commercial-scale hydrogen deployment. That said, this does not preclude future commercialization. As a 'gas kingdom,' the new Linde—with its 80,000 employees—may well possess the technical prowess to break down barriers to hydrogen adoption. Another strategy for breaking down such barriers is continuous boundary expansion. Over the past 140 years, Linde Group has evolved from a small, locally rooted firm into an industry titan spanning more than 100 countries worldwide—a trajectory likely beyond even founder Carl von Linde’s wildest expectations.

Linde’s Q1 sales reached $8.1 billion, with robust performance in the Americas region.

First-quarter operating profit totaled $2.184 billion; adjusted operating profit rose 4% year-on-year to $2.438 billion, driven by price increases and sustained productivity initiatives across all business segments. Adjusted operating profit margin stood at 30.1%, up 120 basis points year-on-year. Strong First-Quarter Performance in the Americas Region By region, the Americas delivered robust results in Q1, with sales up 3% year-on-year. Sales in the Asia-Pacific region declined 1%, while those in Europe, the Middle East, and Africa (EMEA) fell 3%. Sales in the Americas reached $3.666 billion in Q1, up 3% year-on-year. Basic sales grew 4% year-on-year—driven by a 3% price increase and a 1% volume gain—primarily in the electronics, chemicals, and energy end markets. Operating profit amounted to $1.137 billion, representing 31.0% of sales—40 basis points higher than the prior-year period. Asia-Pacific sales totaled $1.539 billion in Q1, down 3% year-on-year. Basic sales declined 1% year-on-year: although prices remained stable, volumes fell 1%, mainly in the metals, mining, and manufacturing end markets. Operating profit was $451 million, or 29.3% of sales—120 basis points higher than the prior-year period. EMEA sales totaled $2.031 billion in Q1, down 3% year-on-year. Basic sales declined 1% year-on-year: despite a 2% price increase, volumes dropped 3%, primarily in the metals & mining, and chemicals & energy end markets. Operating profit was $722 million, or 35.5% of sales—260 basis points higher than the prior-year period. Linde CEO Commentary: Sailing Against the Wind—Industry-Leading Return on Capital

Davis Rea LTD. Makes New Investment in Linde PLC

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Davis Rea LTD. invested $5.09 million in Linde PLC, increasing its stake to 1.5%, while analysts maintain a Buy rating with a target price of $547.29.

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