Excerpt: Executive Interview. Chemicals Executive M&A Report 2016

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1 Chemicals Executive M&A Report 2017 Excerpt: Executive Interview Chemicals Executive M&A Report 2016 i

2 About the Report This report presents a review of M&A activity based on an analysis of all completed and selected announced deals in the chemicals industry between 2001 and 2016 and provides an outlook for 2017 based on a study of executives at leading chemicals companies, investment banks, and investors. The study was conducted in December 2016 and January ii

3 Contents Executive Interview A.T. Kearney M&A Services and Contacts 2 8 The complete "" contains: Main Findings M&A Outlook for 2017 Executive Interview 2016 M&A Review Global Geographies Methodology A.T. Kearney M&A Services and Contacts 1

4 Executive Interview 2

5 Executive Interview with Pascal Vinet, Air Liquide Q. With 2016 behind us, where do you see the industrial gas market today? Vinet. The industrial gas market is always trying to adapt to the changes that are happening worldwide. We saw this historically with the emergence of offerings for electronics and healthcare segments or the rise of China and emerging economies, for example. The players that do best, be it large international players like Air Liquide or more locally based companies like Airgas, are the ones that anticipate the changes first and invest in the right markets. Adapting to the changing landscape needs to be a continuous effort so everyone in the industry is trying to see where the next big change will be. At the same time, companies need to maintain continuous focus on the typical questions around cost competitiveness, portfolio optimization, and day-to-day management of the business. Q. The market has seen strong M&A over the years, including major deals in 2016 and more on the horizon in What do you see as the key drivers of this trend? Vinet. As usual, multiple factors play a role. For Air Liquide, we made a deliberate and significant move with the acquisition of Airgas. The two companies are highly complementary in terms of geographical position and position in the value chain, and the acquisition allowed us to drive growth in North America. While Air Liquide s acquisition did not outright trigger other moves, it probably reinforced the need for others to reassess their position and continue to adapt. Our acquisition positioned us strategically as the largest in the market, and as the first mover, we are now out of the integration digestion phase and ready to reap the benefits. Q. Do you believe we have seen the last mega deal in the industrial gas market? Vinet. It is difficult to imagine, but never say never. About Pascal Vinet Pascal Vinet is a member of Air Liquide s Executive Committee, and CEO of Airgas, an Air Liquide company, since July Previously, he super vised all Air Liquide Healthcare activities since Pascal Vinet began his career in 1984 at the NASA Research Center in Cleveland, Ohio after an Engineering degree and a PhD in Physics from Ecole Centrale de Lyon. In 1986, he joined Air Liquide in Paris, where he held several positions in project management, logistics and sales. In 1993, he was appointed Regional Manager of Air Liquide s French Industrial Gas business. In 1995, Mr. Vinet was appointed Managing Director of Air Liquide Australia. He returned to Paris in 1998 as Chief Operating Officer for the Industrial Merchant operations in France and, from 1999 to 2002, was Vice-President, Research and Development for the Group. In 2002, Mr. Vinet was appointed Senior Vice- President of the US Industrial Merchant business based in Houston. In 2005, he was appointed Vice-President, Strategic Control for the Group, based in Paris. He was responsible for the Group s strategic ALMA project. 3

6 Executive Interview with Pascal Vinet, Air Liquide (continued) Q. You mentioned Air Liquide s acquisition of Airgas, which closed in May What were the attractive qualities of Airgas that appealed to you as an acquisition target? Vinet. There were three qualities that were highly attractive to us. First, Airgas had a very strong presence in the US market, which is the largest gas market by far and features a full range of offerings, from hard goods to bulk and tonnage gases. Airgas brought huge geographical reach all the way down to small customers in every area of the United States and a product offering of hard goods, packaged gas, and healthcare that was highly complementary to that of Air Liquide. Second, Airgas was a highly well-run organization with capacity for growth and vertical integration. Compared to years ago, when Airgas was a collection of loosely integrated entities from different acquisitions, the company had transformed into a mature, organized structure with capability for further vertical integration with bulk and large industry activities. Finally, Airgas had strong customer reach through a broad range of sales channels, including web sales, tele sales, and retail branches. Combined with Air Liquide s fully integrated vertical structure, this created a very attractive combination. Q. Airgas has been the target of past acquisition attempts by other companies. Why do you think you were successful? Vinet. To have a deal, you need to have a seller and a buyer. In previous attempts, you had a buyer but Airgas was not ready to sell. This time, Airgas was ready to sell itself and Air Liquide was proposing not only the right price, but also the right project for Airgas: bringing vertical integration, technology, and international reach they didn t have, but also respecting what Airgas had done in terms of US positioning, market approach, digital capabilities, and customer service offering. It was different from what happened some years ago. About Air Liquide The world leader in gases, tech nologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 67,000 em ployees and serves more than 3 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide s scientific territory and have been at the core of the company s activities since its creation in Air Liquide s ambition is to lead its industry, deliver long term performance and contribute to sustainability. The company s customer-centric transformation strategy aims at pro fitable growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders. Air Liquide s revenue amounted to 18.1 billion in 2016 and its solutions that protect life and the envi ronment represented more than 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (com partment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes. 4

7 Executive Interview with Pascal Vinet, Air Liquide (continued) Q. Achieving a smooth integration continues to be a challenge for most acquirers. How do you think you have performed in this regard, and what did you learn from the integration? Vinet. Coming in with a deep respect for what Airgas had done was a very strong point. We didn t come in as an outside invader but as a new owner that had profound respect for what we had bought. That laid the foundation for a well-organized integration with both sides taking a very active and proud part of the process. From day one, the Airgas team was as strongly involved as the Air Liquide team was. That was one recipe for success: bringing respect from what they could learn from each other. The other factor was quickly laying the ground rules for how we would approach the integration. We were very clear on timing and goals and the path to get there, which put everyone into a positive problem-solving mode instead of focusing on where the problems were. The key questions of how to approach areas like IT, HR, and brand were solved in one to two months. That s not to say that we didn t have question marks or discussions, but the big principles were clarified very quickly. Q. The business you acquired from Airgas was twice the size of Air Liquide s total business in the United States. How did you manage this unique dynamic? Vinet. It was a challenge but also an opportunity. The merger was a dual integration, and by treating it as such, we managed to create a win-win opportunity for both organizations. In the United States, it was a reverse integration with Airgas partially taking over Air Liquide s industrial merchant and healthcare business. Globally, it was an inte gration of Airgas into the new Air Liquide. By managing this in a balanced and open way with the teams involved, we gave everyone the feeling that there was something in it for them. Again, this resulted in things moving very quickly. About Airgas Airgas, an Air Liquide company, is the leading US supplier of industrial, medical and specialty gases, as well as hardgoods and related pro ducts; one of the largest US suppliers of safety products; and a leading US supplier of refrigerants, ammonia pro ducts, and process chemicals. Dedicated to improving the performance of its more than one million customers, Airgas safely and reliably provides products, services and expertise through its more than 18,000 associates, over 1,100 locations, robust e-business platform, and Airgas Total Access telesales channel. As an Air Liquide company, the world leader in gases, technology and services for Industry and Health, Airgas offers customers an unrivaled global footprint and industry leading technology and innovations. 5

8 Executive Interview with Pascal Vinet, Air Liquide (continued) Q. As the industry continues to evolve, what are your key priorities for Airgas and Air Liquide to be successful in 2017 and beyond? Vinet. For us, 2017 is as critical as 2016 because we are now realizing the benefits of the groundwork we laid in the integration. From a synergy perspective, 2017 is when we start to fully deliver on the cost synergies while continuing to position ourselves for realizing the growth synergies in future years. At the beginning of 2017, six months after closing, we are already seeing the shift in the organization. We are no longer focused on having a single well-functioning organization but rather working on the projects that will drive value from the integration. Not all is done, but I believe the biggest risk of having the two organizations diverging in their goals is behind us. Good chemistry between people is a key ingredient behind this, but also having clear objectives, transparent goals, and clear decisionmaking processes has moved us forward in a positive direction. 6

9 7

10 A.T. Kearney M&A Services and Contacts 8

11 Recent publications Transformation through M&A Integration A major acquisition is not only an opportunity to achieve synergies, but also a valuable moment in time to bring about true change. The best leaders get these transformational decisions right. Mergers create both excitement and anxiety for stakeholders, generating not only destabilizing uncertainty, but also malleability, which encourages openness to new ways of working. Many mergers actually destroy value; executive teams that see a merger as an opportunity to reset their business can defy the odds and create incremental value. Mergers and Acquisitions in Oil and Gas After a challenging year for the oil and gas industry, it faces a debt-driven shakeout and M&A takes center stage. Prolonged depressed and volatile oil prices are forcing companies to structurally reduce costs. Financially weaker operators with high debt are facing liquidity issues and will be forced to sell to secure cash or have credit facilities withdrawn. At the same time, IOCs and larger stronger independents will be looking to streamline their portfolio and sell. There are limited buyers in the market, but this represents an opportunity for stronger companies and financial investors. However, price volatility is creating significant uncertainty and is delaying M&A decisions and actions. Mergers and Acquisitions in Utilities From the breakup of the utilities sector in Europe to its remodeling in other regions, investors have a major hand in M&A activity worldwide. The global utilities and energy infrastructure sector, driven in large part by financial investors, is changing dramatically and for markedly different reasons around the world. Global deal activity in the sector reached a record high of $355 billion in 2016, and the trend promises to accelerate. Portfolio optimization and divestitures could drive another record year in 2017 through mergers and acquisitions of utility and energy infrastructure companies. Authors Joachim von Hoyningen-Huene, partner, Munich joachim.hoyningen-huene@atkearney.com Guttorm Aase, principal, New York guttorm.aase@atkearney.com Thomas Rings, partner, Dubai thomas.rings@atkearney.com Taek Lim, consultant, Düsseldorf taek.lim@atkearney.com To subscribe to the Chemicals Executive M&A Report, please chemicalsmandastudy2017@atkearney.com. You will receive the report by as soon as it is released. 9

12 A.T. Kearney is a leading global management consulting firm with offices in more than 40 countries. Since 1926, we have been trusted advisors to the world s foremost organizations. A.T. Kearney is a partner-owned firm, committed to helping clients achieve immediate impact and growing advantage on their most missioncritical issues. For more information, visit Americas Atlanta Bogotá Boston Calgary Chicago Dallas Detroit Houston Mexico City New York San Francisco São Paulo Toronto Washington, D.C. Asia Pacific Bangkok Beijing Brisbane Hong Kong Jakarta Kuala Lumpur Melbourne Mumbai New Delhi Perth Seoul Shanghai Singapore Sydney Tokyo Europe Amsterdam Berlin Brussels Bucharest Copenhagen Düsseldorf Frankfurt Istanbul Lisbon Ljubljana London Madrid Milan Moscow Munich Oslo Paris Prague Rome Stockholm Stuttgart Vienna Warsaw Zurich Middle East and Africa Abu Dhabi Doha Dubai Johannesburg Riyadh For more information, permission to reprint or translate this work, and all other correspondence, please ChemicalsMandAStudy2017@atkearney.com. This report is intended for information purposes and should not be relied upon. A.T. Kearney accepts no responsibility as to the accuracy or completeness of the statements being made and makes no warranties or representations in relation to the report. Any distribution, duplication, even in the form of extracts, to third parties is only permitted upon A.T. Kearney s prior written consent. A.T. Kearney s liability arising out of any use of the report by any person or entity, or by any such reproduction or distribution, whether permitted or not, is hereby excluded. The signature of our namesake and founder, Andrew Thomas Kearney, on the cover of this document represents our pledge to live the values he instilled in our firm and uphold his commitment to ensuring essential rightness in all that we do. A.T. Kearney Korea LLC is a separate and independent legal entity operating under the A.T. Kearney name in Korea. A.T. Kearney operates in India as A.T. Kearney Limited (Branch Office), a branch office of A.T. Kearney Limited, a company organized under the laws of England and Wales. 2017, A.T. Kearney, Inc. All rights reserved. Photos: Chemicals Executive M&A Report

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