Air Products is one of the world's largest industrial gases companies, producing and selling oxygen, nitrogen, argon, hydrogen, helium, CO2, and specialty gases to customers in refining, chemicals, metals, electronics, manufacturing, food, and medical industries. Air Products sells through two primary modes: on-site supply, where Air Products builds dedicated facilities connected to customers via pipeline under 15–20 year take-or-pay contracts (roughly half of sales); and merchant supply, where gases are delivered in liquid bulk or cylinders under shorter-term agreements. The take-or-pay structure insulates on-site revenue from volume swings, and energy cost pass-throughs protect margins from commodity input costs. The industrial gases business is organized into four regional segments — Americas, Asia, Europe, and Middle East and India — with Americas being the largest, anchored by the world's largest hydrogen pipeline network on the U.S. Gulf Coast. Asia is a fast-growing area driven by electronics gas supply to semiconductor fabs in Taiwan, South Korea, and China. Air Products is currently executing a strategic reset under new CEO Eduardo Menezes, refocusing on its core industrial gas model after a prior push into large-scale clean energy projects added significant headcount and leverage. Going forward, Air Products targets ~$1.5B/year in core industrial gas CapEx. Two large clean energy projects remain in progress: the NEOM green hydrogen and ammonia facility in Saudi Arabia (~90% complete) and a blue hydrogen project in Louisiana being restructured to reduce Air Products' capital exposure. A small equipment segment rounds out the business.