17 March 2008 12:42 [Source: ICIS news]
The company earlier announced an 18% rise in operating profits to €2.4bn ($3.7bn) and a 14% rise in sales to €12.3bn in the 2007 financial year.
Rejecting any suggestions of selling the engineering division, Linde CEO Wolfgang Reitzle said that the concentration on both engineering and gas meant it was largely protected from the financial crises stemming from the US credit crunch.
According to Reitzle, by focusing on local businesses across the world, Linde doesn’t suffer in a way export-oriented companies do.
“We are able to win enough contracts, even with the weak dollar,” he said.
Linde's gases division achieved a sales growth of 9.4%, jumping from a 2006 figure of €8.4bn to €9.2bn in 2007. Operating profit in the division rose 13.7% to €2.3bn from €2bn in 2006.
Reitzle said that the company would continue to be largely unaffected by cyclical difficulties.
“You are not going to see dramatic upturns or downturns in gases,” he said. “We’ve tried hard to leave behind cyclical problems.”
($1 = €0.64)
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