As the word ‘recovery’ becomes used more frequently among industrial gas companies, are the equipment manufacturers feeling the same positivity?
It’s no secret that since late 2008, things have been very difficult for industrial gas companies.
A downturn in major industries, like steel, electronics and manufacturing, meant a significant drop in demand for industrial gases, and according to Spiritus Consulting, a decline in global business by 10% in 2009 over 2008.
Thankfully, fourth quarter 2009 results for the Tier 1 players have showed signs of a very slow recovery, and confirm that things are finally on the up.
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