Air Liquide completes DIG Airgas acquisition, doubling South Korean presence, accelerating Asian growth, and strengthening leadership in a rapidly expanding industrial gas market.
Air Liquide has officially completed the acquisition of DIG Airgas, a major integrated industrial gas provider in South Korea, marking a landmark development in the Group’s long-term global growth strategy. This transaction represents the most significant acquisition for Air Liquide in the past decade, following its transformative purchase of Airgas in the United States ten years ago. With this latest milestone, Air Liquide significantly reinforces its presence in one of Asia’s most advanced and fast-growing industrial markets.
As a direct result of the acquisition, Air Liquide will nearly double its workforce in South Korea, bringing the total number of employees in the country to approximately 900. The combined operations are expected to generate close to €900 million in annual sales, substantially enhancing the Group’s regional scale and market reach. Having operated in South Korea for more than 30 years, Air Liquide already benefits from a solid foundation in the country. The integration of DIG Airgas builds on this legacy, allowing the Group to deepen customer relationships and expand its industrial gas offerings across key sectors of the Korean economy.
The transaction was finalized ahead of the originally planned schedule, underscoring Air Liquide’s strong execution capabilities and experience in managing complex international acquisitions. Completing the deal earlier than expected means the acquisition will begin contributing to the Group’s financial and operational performance sooner, accelerating value creation and strengthening Air Liquide’s footprint across Asia.
DIG Airgas brings to the Group a robust geographical presence across all major industrial basins in South Korea, along with a diversified customer portfolio. When combined with Air Liquide’s advanced technologies, global operational expertise, and innovation-driven solutions, the acquisition creates a powerful and complementary platform for future growth. This alignment of strengths positions the Group to capitalize on South Korea’s dynamic industrial landscape and rising demand for reliable, high-quality industrial gases.
South Korea’s industrial gas market is currently ranked as the fourth largest globally and is projected to double in size by 2035. This growth is driven by the country’s strong economic fundamentals, advanced manufacturing base, and leadership in innovation. The market plays a critical role in supporting high-growth industries such as semiconductors, clean and low-carbon energy, advanced mobility solutions, and biopharmaceuticals—sectors that are central to South Korea’s national development strategy and global competitiveness.
Beyond strategic positioning, the acquisition is expected to generate substantial financial synergies. Air Liquide has identified a highly executable investment backlog comprising nearly 20 projects secured under long-term contracts. These initiatives are projected to deliver more than €50 million in additional EBITDA by 2030. Further growth synergies will be realized through the deployment of Air Liquide’s proprietary technologies and innovative solutions across DIG Airgas’s existing infrastructure. Importantly, the transaction is expected to be net profit accretive within one year following integration.
Commenting on the completion of the deal, François Jackow, Chief Executive Officer of Air Liquide, emphasized the importance of the acquisition and the collaborative role of local stakeholders. He highlighted that the strong support of Korean authorities and Air Liquide’s proven track record in integrating acquisitions enabled the Group to close the transaction ahead of schedule. He also warmly welcomed the DIG Airgas teams into the Air Liquide Group.
According to Jackow, this highly complementary acquisition represents a pivotal moment for Air Liquide in Asia, firmly establishing the Group as a reference industrial gas player in South Korea. By increasing proximity to customers and partners, and by broadening its comprehensive range of solutions across all core business lines, Air Liquide is now better positioned to support customer growth and contribute to South Korea’s strategic ambitions in high-tech manufacturing, healthcare, clean energy, and sustainable mobility over the long term.
