Air Products and Chemicals, Inc.

Oxygen, nitrogen, hydrogen and other industrial gases are what Air Products sells, mostly under long-term contracts that make the cash flow steady. Founded in 1940 and based in Allentown, Pennsylvania, it often builds and operates gas plants right next to a customer's refinery or steel mill, piping product over the fence for decades. That on-site model locks in demand and pricing. In recent years the company has bet heavily on hydrogen, spending billions on large projects meant to supply clean-burning fuel for heavy industry and transport, a strategy that has drawn both enthusiasm and criticism over its cost and timing. Its core buyers span energy, chemicals, metals, electronics and healthcare. Air Products competes globally with Linde and Air Liquide in a business defined by scale, logistics and the plants sitting next to customers.

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