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Airgas Completes Acquisition of Gordon Woods Industrial Welding Supply and TexAir Welding Supply |
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Airgas Completes Acquisition of Gordon Woods Industrial Welding Supply and TexAir Welding Supply
RADNOR, PA – December 1, 2008 – Airgas, Inc. (NYSE: ARG) today announced that it has completed the acquisition of Gordon Woods Industrial Welding Supply, Inc., Accu Air Gases & Equipment, LP and Summit Gas & Gear, LP. The three companies are related but separately managed industrial gas and welding supply distributorships with combined annual revenues of $25 million through 10 locations in southern California. All three businesses are now part of the Airgas West regional company.
“We are pleased to welcome the management team and about 80 employees from Gordon Woods Industrial Welding Supply, Accu Air Gases & Equipment and Summit Gas & Gear to Airgas West,” said Glen Irving, president of Airgas West. “All three companies enjoy good reputations and strong customer relationships in Los Angeles, Santa Barbara, and Ventura counties. Combining the talented leadership and customer service expertise we’re gaining with Airgas’ broad array of resources will enhance the value we bring to customers.”
With headquarters in North Hollywood, CA, Gordon Woods was formed in 1979 by James Clune and was most recently owned by sons Bill and Gordon Clune. Accu Air was formed in 1999 by Gordon Woods and Ron Johnson to start up industrial, medical and specialty gas operations in Ventura and Santa Barbara counties. Summit Gas & Gear was organized in 2003 when Summit Gas & Gear, LP purchased the business from Martin Shober, who continued as a partner and managed the sales and operations of Summit. Both Johnson and Shober now have leadership roles within Airgas West.
“Like Airgas, Gordon Woods Industrial Welding Supply has a rich heritage of growth driven by a ‘can-do’ attitude and providing personal customer service,” said Bill Clune, Gordon Woods president. “This acquisition provides our customers with access to more products, services, expertise and supply chain efficiencies, and it provides our employees with greater opportunities for personal and professional growth.”
In a separate transaction, Airgas has acquired TexAir Welding Supply, Ltd. (“TexAir”), an industrial gas and welding supply distributor with $5 million in annual revenues through branch locations in Henderson, Longview and Mount Pleasant, Texas. The company, which was founded in 1998 and has been operated by Kevin Curbo, will be integrated into Airgas Mid South, one of the regional companies within Airgas.
“The acquisition of TexAir Welding Supply expands our geographic footprint in east Texas, and enhances our ability to serve customers in that area,” said Terry Lodge, president of Airgas Mid South. “We are fortunate to welcome Kevin Curbo and approximately 20 employees to the Airgas Mid South team.”
In addition to Gordon Woods and TexAir, Airgas has completed four other acquisitions this quarter. Since the beginning of its fiscal year in April, Airgas has successfully completed 12 transactions with acquired annual revenues of approximately $185 million.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. Airgas is also one of the largest U.S. distributors of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants, and ammonia products. More than 14,000 employees work in over 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com.
Forward-Looking Statements
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, statements regarding the expectation that the acquisition of Gordon Woods Industrial Welding Supply, Inc., Accu Air Gases & Equipment, LP, Summit Gas & Gear, LP (hereafter referred to as Gordon Woods), and TexAir Welding Supply, Ltd. will allow us to enhance the value we bring to customers and expand our geographic footprint in east Texas. We intend that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by us or any other person that the results expressed therein will be achieved. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include: our ability to successfully integrate Gordon Woods’ and TexAir’s operations, including retention of Gordon Woods’ and TexAir’s customers and employees; supply availability and cost pressures; an economic downturn; increased competition; customer acceptance of our products, including Gordon Woods’ and TexAir’s products; adverse changes in customer buying patterns; access to credit; adverse changes in general economic conditions in the U.S. and internationally; risks associated with foreign operations; political and economic uncertainties associated with current world events; and other factors described in our reports, including Form 10-K dated March 31, 2008, subsequent Forms 10-Q, and other forms filed by us with the Securities and Exchange Commission.
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