Air Products & Chemicals, Inc. (NYSE: APD)

Air Products & Chemicals, Inc., often referred to as Air Products, is a prominent player in the industrial gases sector, known for its innovative culture, operational excellence, and commitment to safety and the environment. Established in 1940, the company's headquarters are located in Pennsylvania, USA. Air Products operates in various markets, including energy, environmental, and emerging markets, offering a range of products and services that aid customers in enhancing their environmental performance, product quality, and productivity.

Air Products' primary source of revenue stems from the production and sale of industrial gases. These gases encompass atmospheric gases, such as oxygen, nitrogen, and argon, as well as process gases like hydrogen, helium, and carbon dioxide. These gases find extensive use in several industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food. Additionally, Air Products offers equipment and applications expertise to customers in these industries.

The industrial gases business of Air Products is divided into five reportable segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. The company faces competition from three global industrial gas companies: Air Liquide S.A., Linde plc, and Messer Group GmbH, along with regional competitors. Competition in the industrial gases business primarily revolves around price, reliability of supply, and the development of industrial gas applications.

Air Products secures a competitive advantage in locations where it has pipeline networks, enabling it to provide a dependable and economical supply of products to larger customers. The company also holds a robust presence in the supply of liquefied natural gas (LNG) process technology and equipment, along with turbomachinery, membrane systems, and cryogenic containers.

Air Products' customer base is diverse, comprising major players in the refining, chemicals, and electronics industries. Notably, no single customer accounts for more than 10% of the company's consolidated sales. Air Products boasts a global presence, with operations in approximately 50 countries and regions outside the United States.

Beyond its industrial gases business, Air Products offers equipment and applications expertise to customers across various industries. The company's equipment business specializes in the design and manufacture of air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage equipment.

Air Products is dedicated to sustainability and has established objectives to reduce its carbon footprint and promote the use of low- and zero-carbon hydrogen. The company has earmarked approximately $15 billion in capital for projects intended to expedite the energy transition, with some already underway in the United States, Canada, and Saudi Arabia.

Air Products' sustainability report outlines its growth strategy and the role its employees play in achieving its goals. The company considers its employees its most valuable asset and is committed to fostering a work environment where they feel they belong and matter. Air Products upholds a 4S culture (Safety, Speed, Simplicity, and Self-Confidence) and aims to build and retain a diverse and inclusive workforce.