Airgas, Inc. Completes First Phase of Liquid Carbon Dioxide and Dry Ice Manufacturing Facility at Honeywell's Hopewell, Va. Plant.

Business Editors

RADNOR, Pa.--(BUSINESS WIRE)--Jan. 16, 2003

Airgas, Inc. (NYSE: ARG) today announced that it has completed the first phase of its new liquid carbon dioxide and dry ice manufacturing plant at the Honeywell (NYSE: HON) Hopewell, Virginia site. The new Airgas plant has begun drawing on the gaseous carbon dioxide feed stream from Honeywell's Caprolactam production complex for delivery to liquid carbon dioxide customers in the Middle Atlantic region.

The dry ice production plant at Hopewell will be completed by May, enabling Airgas to expand its dry ice market reach into Delaware, Maryland and Virginia. Airgas expects to transfer equipment and personnel from a smaller plant in Richmond, Virginia beginning in April and expects production of dry ice to begin in May.

"Our liquid carbon dioxide plant at Hopewell is a great addition to our infrastructure of both our liquid and dry ice businesses. The new plant is world-class facility that will complement our plants in Augusta, Georgia, and Star, Mississippi, giving us a stronger network in the Southeast U.S.," said Phil Filer, president of Airgas Carbonic and Airgas Dry Ice.

Airgas is the largest producer and distributor of dry ice nationwide and the largest liquid carbon dioxide producer in the Southeast. It operates 14 dry ice plants across the U.S. and eight carbon dioxide plants, including the new plant in Hopewell.

Liquid carbon dioxide and dry ice are used predominantly in food service and preparation and beverage industries for freezing, chilling, carbonization, and in-transit applications. The poultry industry, which is heavily concentrated in North Carolina, Virginia, Maryland and Delaware, will be the largest customer segment of the new Hopewell plant. Airgas is also in the process of certifying production for beverage grade customers, such as soda and beer producers, which also will be a large portion of the customer base.

The Hopewell complex is the world's largest single site producer of Caprolactam. The production of ammonia at the Caprolactam production site generates the gaseous carbon dioxide that feeds the new Airgas facility. On January 14, 2003, Honeywell announced a definitive agreement with BASF to acquire BASF's nylon business. Honeywell announced that it expects increased utilization of its Hopewell Caprolactam manufacturing facility that will supply nylon feedstock to the combined business.

Toromont Industries of Canada constructed the new Airgas facility, which produced its finished product only three days after the initial start-up. The facility eventually will employ 50 people in liquid carbon dioxide, dry ice production and delivery.

About Airgas, Inc.

Airgas, Inc. (NYSE: ARG) is the largest U.S. distributor of industrial, medical and specialty gases, welding, safety and related products. Its integrated network of nearly 800 locations includes 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.

About Honeywell

Honeywell is a diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials. Based in Morris Township, N.J., Honeywell is one of 30 stocks that make up the Dow Jones Industrial Average and is a component of the Standard & Poor's 500 Index. Its shares are traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific Stock Exchanges. For more information about Honeywell, visit www.honeywell.com.

Forward Looking Statement

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 Hopewell dry ice plant will be completed and commence production by May; the expected transfer of equipment and personnel from the Richmond plant; expanding market reach; creating a stronger network of carbon dioxide and dry ice plants; and the expectation that the poultry industry will be the largest customer of the new plant. Airgas intends 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 the Company 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 a delay in construction of the facility; customer acceptance; Airgas' ability to supply a sufficient amount of liquid carbon dioxide and dry ice to its customers in a timely manner; increased competition; adverse changes in general economic conditions; political and economic uncertainties associated with current world events and other factors described in Airgas' reports, including Form 10-K dated March 31, 2002 and Form10-Q dated September 30, 2002 filed by Airgas with the Securities and Exchange Commission.