AIRGAS ACQUIRES TWO INDUSTRIAL GAS DISTRIBUTORS
AIRGAS ACQUIRES TWO INDUSTRIAL GAS DISTRIBUTORS WILMINGTON, Del., Nov. 7 /PRNewswire/ -- Airgas, Inc. (NYSE: ARG)
today announced the acquisition of Pipe Welding Supply Co., Inc., based in Elmira, N.Y., and Valley Welding Supply Corporation based in Binghamton, N.Y.
Both companies are distributors of industrial, medical and specialty gases and related equipment. The companies, which have combined sales of approximately $10 million, operate from seven locations throughout southern New York state. Current management will continue to operate the companies as part of the newly formed Empire Airgas subsidiary. Airgas, Inc. has acquired 11 distributors since April 1, 1991, with sales in excess of $56 million. Since April 1, 1988, Airgas has acquired more than 80 distributors with sales of $270 million. On Oct. 31, 1991, Airgas announced a 13 percent increase in earnings and a 20 percent increase in after-tax cash flow for the second quarter ended Sept. 30, 1991. Currently, the Airgas distributor network includes more than 235 locations in 32 states and Canada. Airgas, Inc. is the largest distributor of industrial, medical and specialty gases in the United States with annual sales of $370 million. /delval/ -0- 11/7/91 /CONTACT: Britton H. Murdoch or Steve Kapp of Airgas, 215-687-5253/ (ARG) CO: Airgas, Inc.; Pipe Welding Supply Co., Inc., Valley Welding Supply Corporation ST: Delaware, New York IN: SU: TNM KA-JS -- PH013 -- 2183 11/07/91 11:44 EST
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|Date:||Nov 7, 1991|
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