Lincare Holdings

Last updated
Lincare Holdings Inc.
Company typeHolding company
Industry Healthcare
PredecessorLinde Homecare Medical Systems
Founded1987
Headquarters19387 US 19 N,
Clearwater, Florida
,
USA
Number of locations
700+
Area served
USA
Key people
Jeff Barnhard (CEO) Greg McCarthy (COO)
Number of employees
11000 (2023)
Parent Linde PLC
Website www.lincare.com

Lincare Holdings Inc. (Lincare) is a wholly owned subsidiary of Linde PLC, headquartered in Clearwater, Florida. Lincare is leading the respiratory homecare industry by serving approximately 1.8 million patients nationwide Lincare operates from over 700 locations in 49 states across the United States and employs 11,000 people, including 1,300 licensed clinicians. Products and services provided by Lincare include, but are not limited to, oxygen, nebulizers, sleep apnea products, home INR testing, ventilator products, enteral therapy, and homecare respiratory therapy services. Additional products provided by Lincare are durable medical equipment, including wheelchairs, walkers, and hospital beds.

History

Lincare originated from Linde Air Products in the early 20th century under the U.S. subsidiary business of the Linde Group. [1]

In 1879, Carl von Linde founded the Gesellschaft für Linde's Eismaschinen in Wiesbaden, Germany, to sell mechanical refrigeration systems for the brewing and food industries. [2]

In 1907, Carl von Linde traveled to the United States to establish the Linde Air Products in Buffalo, NY, as a subsidiary of Linde.  

Lincare office in Lynchburg, VA VA LYNCHBURG.jpg
Lincare office in Lynchburg, VA

In 1917, due to the First World War, Linde lost its U.S. subsidiary from expropriation. [3] As a result, Union Carbide Corporation acquired Linde’s U.S. business, formally combining Linde Air Products as a subsidiary of Union Carbide. [4]

In 1972, the precursor to Lincare, Linde Homecare Medical Systems was a unit in Union Carbide’s industrial gasses division. [5]

In 1984, Union Carbide faced financial issues from a significant liability lawsuit in Bhopal, India. As a result of the lawsuit in and a hostile takeover attempt from GAF Corporation, [6] Union Carbide bought back 55 percent of its stock, and in the process, went $3 billion into debt. Union Carbide sold some of its holdings to alleviate debt. At this time, Linde Homecare Medical Systems transitioned into Lincare Inc in 1987.

In 1990, Union Carbide sold its remaining 50 percent equity stake in Lincare Inc., to investors and Lincare executives. The company changed its name to Lincare Holdings.

In 1992, the partner owners of Lincare Holdings took the company public on the NASDAQ, and completed its initial public offering, raising $50 million. [7]

Over the next 18 years, Lincare Holdings evolved into one of the largest respiratory therapy providers in the United States, serving more than 800,000 patients in 48 states. [8]

In July 2012, The Linde Group acquired Lincare Holdings for $4.6 billion. [9] By acquiring Lincare, Linde doubled sales in its North American Gases Division [10] and officially brought Lincare back into the Linde family.

Today, Lincare serves nearly 1.8 million patients across the United States, with over 700 locations. [11]

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References

  1. ↑ "Press Release". www.sec.gov. Retrieved 2023-02-27.
  2. ↑ "Corporate Heritage". www.linde.com. Retrieved 2023-02-27.
  3. ↑ "Corporate Heritage". www.linde.com. Retrieved 2023-02-27.
  4. ↑ "Press Release". www.sec.gov. Retrieved 2023-02-27.
  5. ↑ "Encyclopedia". encyclopedia.com. Retrieved 2023-05-22.
  6. ↑ Lueck, Thomas J. (1985-12-10). "UNION CARBIDE IS TARGET OF TAKEOVER BID BY GAF". The New York Times. ISSN   0362-4331 . Retrieved 2023-02-27.
  7. ↑ "Summit Partners | Companies | Lincare". Summit Partners. Retrieved 2023-02-27.
  8. ↑ "Lincare Holdings Inc. | Encyclopedia.com". www.encyclopedia.com. Retrieved 2023-02-27.
  9. ↑ Thayer, Ann M. (2012-07-09). "Linde To Purchase Lincare". cen.acs.org. Archived from the original on 2012-07-09. Retrieved 2023-02-27.
  10. ↑ "Press Release". Sec.gov. Retrieved 2023-05-22.
  11. ↑ "About Lincare". Lincare.com. Retrieved 2023-05-22.


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