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Item 1. Business

2023-02-28 compared with 2022-02-28 · 33 added, 45 removed, 137 unchanged (36% of the section changed)

1 unchanged sentence

Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry.

Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene).

The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants.

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These technologies include proprietary vacuum pressure swing adsorption (“VPSA”) and membrane separation to produce gaseous oxygen and nitrogen, respectively.

Process gases, including carbon dioxide, hydrogen, carbon monoxide, helium, specialty gases and acetylene are produced by methods other than air separation.

Most carbon dioxide is purchased from by-product sources, including chemical plants, refineries and industrial processes or is recovered from carbon dioxide wells.

Carbon dioxide is processed in Linde’s plants to produce commercial and food-grade carbon dioxide.

Process gases, including carbon dioxide, hydrogen, helium, specialty gases and acetylene are produced by methods other than air separation.

Hydrogen is produced from a range of feedstocks using an array of different technologies.

Despite hydrogen being an invisible molecule, colors are often used to designate and differentiate between the production processes used to produce the molecule.

The vast majority of hydrogen currently produced by Linde is what is termed gray hydrogen and is derived from natural gas or methane, using steam methane reformation technology.

Linde has multiple technologies to produce other types of hydrogen, including blue and green, which are both considered types of clean energy.

The majority of hydrogen currently produced by Linde is what is termed gray hydrogen and is derived from natural gas or methane, using steam methane reformation technology.

Linde has multiple technologies to produce blue and green hydrogen, which are both considered types of clean energy.

Blue hydrogen is produced by capturing the carbon emissions from the hydrogen plant and either utilizing them in a way that stops them from being emitted or sequestering them in the subsurface for the long term.

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Acetylene is primarily sourced as a chemical by-product, but may also be produced from calcium carbide and water.

Most carbon dioxide is purchased from by-product sources, including chemical plants, refineries and industrial processes or is recovered from carbon dioxide wells.

Carbon dioxide is processed in Linde’s plants to produce commercial and food-grade carbon dioxide.

Industrial Gases Distribution

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The merchant business is generally associated with distributable liquid oxygen, nitrogen, argon, carbon dioxide, hydrogen and helium.

The deliveries generally are made from Linde’s plants by tanker trucks to storage containers at the customer's site which are owned and maintained by Linde and leased to the customer.

The deliveries generally are made from Linde’s plants by tanker trucks to storage containers at the customer's site which are usually owned and maintained by Linde and leased to the customer.

Due to distribution cost, merchant oxygen and nitrogen generally have a relatively small distribution radius from the plants at which they are produced.

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Packaged gases are generally sold under one to three-year supply contracts and through purchase orders.

Linde’s Engineering business has a global presence, with its focus on market segments such as olefin, natural gas, air separation, hydrogen and synthesis gas plants.

Linde’s Engineering business has a global presence, with its focus on market segments such as air separation, hydrogen, synthesis, olefin and natural gas plants.

The company utilizes its extensive process engineering know-how in the planning, design and construction of highly efficient turnkey plants for the production and processing of gases.

With its state-of-the-art sustainable technologies Engineering helps customers avoid, capture and utilize CO2 emissions.

With its state-of-the-art sustainable technologies Engineering also helps customers avoid, capture and utilize CO2 emissions.

Its technology portfolio covers the entire value chain for production, liquefaction, storage, distribution and application of hydrogen which supports the transition to clean energy.

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International – Linde is a global enterprise with approximately 68% of its 2022 sales outside of the United States.

The company also has majority or wholly owned subsidiaries that operate in approximately 45 European, Middle Eastern and African countries (including Germany, France, Sweden, the Republic of South Africa, and the United Kingdom (U.K.));

The company also has majority or wholly owned subsidiaries that operate in approximately 45 European, Middle Eastern and African countries (including Germany, the United Kingdom (U.K.), France, Sweden, and the Republic of South Africa);

approximately 20 Asian and South Pacific countries (including China, Australia, India, South Korea and Thailand);

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as well as the frequent introduction of new industrial gas applications.

development is primarily conducted at Munich, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.

Research and development is primarily conducted at Munich, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.

Patents and Trademarks – Linde owns or licenses a large number of patents that relate to a wide variety of products and processes.

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The Board of Directors ("Board") has established a strategic business objective to maintain world-class standards in talent management.

Executive variable compensation is assessed annually based on performance in several strategic non-financial areas, including talent management.

The Human Capital Committee assists the Board in its oversight of Linde’s compensation and incentive policies and programs, and management development and succession, particularly in regard to reviewing executive compensation for Linde’s executive officers.

The Human Capital Committee also periodically reviews the company’s diversity policies and objectives, and programs to achieve those objectives.

Executive variable compensation is assessed annually based on performance in financial measures as well as in several strategic non-financial areas, including talent management.

The Human Capital Committee assists the Board in its oversight of Linde’s compensation policies and programs, particularly in regard to reviewing executive compensation for Linde’s executive officers.

The Human Capital Committee also periodically reviews the company’s management development and succession programs, diversity policies and objectives, and the associated programs to achieve those objectives.

The global head of Human Resources reports to the Chief Executive Officer ("CEO").

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Linde has aligned diversity and inclusion with its business strategies and implemented diversity action planning into business process and performance management.

Diversity and inclusion are line management responsibilities and Linde seeks competitive advantage through proactive management of its talent pipeline, procurement and recruiting processes.

Linde provides equal employment opportunity, and recruits, hires, promotes and compensates people based solely on their merit and ability.

Employees receive a competitive salary and variable compensation components based on merit and depending on their position.

Diversity and inclusion are line management responsibilities and Linde seeks competitive advantage through proactive management of its talent pipeline and recruiting processes.

Linde provides equal employment opportunity, and recruits, hires, promotes and compensates people based solely on their performance and ability.

Employees receive a competitive salary and variable compensation components based on performance and job level.

Linde has collective bargaining agreements with unions at numerous locations throughout the world.

Additional benefits are offered such as occupational pensions and contributions towards health insurance or medical screening, reflecting regional conditions and local competition.

Managers’ compensation is based on performance.

Senior managers participate directly in the company’s growth in value through the Long Term Incentive Plan of Linde plc.

From time to time, Linde may introduce special compensation schemes to recognize or reward specific individuals such as the one implemented in 2020 for global front-line employees.

Work-life balance is promoted by providing a range of opportunities that are based on the overall local conditions.

Linde also invests in professional development of its employees through formal and on-the-job training.

As of December 31, 2022, Linde had 65,010 employees worldwide comprised of approximately 28 percent women and 72 percent men.

The total professional workforce comprised of approximately 28 percent women and 72 percent men.

Environment – Information required by this item is incorporated herein by reference to the section captioned “Management’s Discussion and Analysis – Environmental Matters” in Item 7 of this 10-K.

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It is expected that the Board will elect officers annually following each annual meeting of shareholders.

Angel, 66, has been Chief Executive Officer and a director of Linde since 2018.

Effective March 1, 2022, Mr.

Angel will retire from the position of Chief Executive Officer and assume the role of Chairman of the Board of Directors of Linde.

Prior to his appointment as Chief Executive Officer of Linde, Mr.

Angel was Chairman, President and CEO of Praxair, Inc.

Angel joined Praxair in 2001 as an Executive Vice President and was named President and Chief Operating Officer in February 2006.

Prior to joining Praxair, Mr.

Angel spent 22 years in a variety of management positions with General Electric.

Angel serves on the board of directors of PPG Industries where he chairs the Human Capital Management and Compensation Committee and serves on the Nominating and Governance Committee.

He also serves on the Hydrogen Council and is a member of The Business Council.

Sanjiv Lamba, 58, was appointed Chief Executive Officer of Linde effective March 1, 2022.

Prior to being appointed CEO, he was Chief Operating Officer starting in January 2021 and after serving as Executive Vice President, APAC, beginning in October 2018.

Previously, Mr.

Lamba was appointed a Member of the Executive Board of Linde AG in 2011, responsible for the Asia, Pacific segment of the Gases Division, for Global Gases Businesses Helium & Rare Gases, Electronics as well as Asia Joint Venture Management.

Lamba started his career 1989 with BOC India in Finance where he progressed to become Director of Finance before being appointed as Managing Director for BOC’s India’s business in 2001.

Throughout his years with BOC/Linde, he worked in various roles across a number of different geographies including Germany, the U.K., Singapore and India.

Guillermo Bichara, 48, is Executive Vice President and Chief Legal Officer.

He previously served as Praxair’s Vice President and General Counsel.

Bichara joined the company in 2006, first as Director of Legal Affairs at Praxair Mexico before being promoted to Vice President and General Counsel of Praxair Asia.

He subsequently had responsibility for Europe, Mexico and corporate transactions before being promoted to Associate General Counsel and Assistant Secretary.

Bichara previously held roles at Cemex and various global law firms.

Sean Durbin, 52, became Executive Vice President, EMEA in April 2021.

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Previously, she was in audit at KPMG, LLP.

Sanjiv Lamba, 57, was appointed Chief Operating Officer of Linde effective January 1, 2021, and effective March 1, 2022, Mr.

Lamba will become Chief Executive Officer of Linde.

Previously, he served as the Executive Vice President, APAC, beginning in October 2018.

Prior to that, Mr.

Lamba started his career 1989 with BOC India in Finance where he progressed to become Director of Finance before being appointed as Managing Director for BOC’s India’s business in 2001.

Throughout his years with BOC/Linde, he worked in various roles across a number of different geographies including Germany, the UK, Singapore and India.

Juergen Nowicki, 59, was appointed Executive Vice President and CEO, Linde Engineering in April 2020.

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Nowicki assumed the role of Managing Director, Linde Engineering in 2011.

Andreas Opfermann, 50, became Executive Vice President, Clean Energy in June 2021.

Previously, he was Executive Vice President Americas beginning in November 2019.

Prior to this, from 2016-2019, he was the regional business unit leader for Linde’s North European region.

Opfermann joined Linde in 2005 initially in Corporate Strategy.

He has subsequently served as Head of Innovation Management from 2008 to 2010, Head of Clean Energy and Innovation Management from 2010 to 2014, and Head of Technology and Innovation from 2015 to 2016, responsible for all Linde research and development.

Before joining Linde, he held positions at McKinsey & Company.

John Panikar, 55, was appointed Executive Vice President, APAC of Linde effective in January 2021.

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Panikar held increasingly responsible positions including Manager of Site Services and Equipment, Business Development Director for Praxair Asia, Managing Director of Praxair India, VP, South Region, North American Industrial Gases and President, Praxair Distribution, Inc.

Strauss, 64, is Executive Vice President and Chief Human Resources Officer.

He previously served as Praxair’s Chief Human Resources Officer.

Strauss joined Linde in 1990 as an Applications Engineer before being promoted to lead the electronics materials business.

He subsequently served as Vice President of Safety, Health and Environment.

White, 50, became Executive Vice President and Chief Financial Officer of Linde in October 2018.

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since January 1, 2014.

Prior to this, Mr.

White was President of Praxair Canada from 2011-2014.

White was President of Praxair Canada from 2011 to 2014.

He joined Praxair in 2004 as finance director for the company’s largest business unit, North American Industrial Gases.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business