Industrial Gases Rising Backlogs Offer Hope of Brighter Days Ahead

Volumes are beginning to recover at industrial gases firms following a difficult year of weak demand, but revenue growth is still lagging behind that of other industries. Gases firms were able to keep their profits afloat during 2009, mainly through significant cost-cutting initiatives. Air Products, meanwhile, has taken advantage of weaker market conditions to launch a hostile bid to acquire Airgas, a company that has been hit harder than its competitors during the downturn due in part to its lack of diversification. “Air Products is trying to obtain the...

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