VALUE CREATION The Driving Force for Value Creation

M&A of AIR WATER is not just “add up.” It has pursued to create new value by “multiplication” by successfully integrating organizational culture, human resources, and technology with existing businesses. Our M&As have facilitated the creation of common management and synergies between businesses, enabling us to maintain and create high market share products and services. This is because we have promoted “related-type diversification,” focusing on the relatedness of core technologies, areas, and business models of industrial gases.