Industrial gases giant Air Liquide has unveiled its transformation strategy for the next four years. Chairman and CEO Benoît Potier revealed the details of the company’s NEOS 2016-2020 program during Air Liquide’s capital markets day, held in London on Jul. 6. The move follows the French producer’s $13.4 billion takeover of US rival Airgas in May of this year, creaeting the world’s largest industrial gases and welding hardgoods distributor.

The takeover also increased Air Liquide’s gas and services sales by more than 30% and strengthened its global leadership by rebalancing its European and American positions, particularly in the US.

 “The group has acquired a new dimension following the acquisition of Airgas and thus enters a new phase of its development. Our strategy for profitable growth over the long-term is that of a customer-centric transformation,” Potier commented. Under the plan, Air Liquide is aiming for a rise in revenues at a compound annual growth rate of 6-8%, annualized efficiency gains of more than €300 million and synergies related to the Air Gas acquisition totaling more than $300 million.

The company is also targeting a return on capital employed of more than 10% after five to six years. It added that maintaining its Standard & Poor’s ‘A’ credit rating remains a priority.

Air Liquide has identified three major drivers of growth for all its businesses: energy and environment transition, changes in health care and digitization. The company said the operating environment is “characterized by moderate global growth and major changes related to scientific and technological advances, and new usages and consumption patterns that impacted the needs of the group’s customers.”

Executive leadership teams from its Paris headquarters, along with hubs in Houston, Frankfurt, Shanghai and Dubai will work together to roll out the scheme.