Airgas Inc. (ARG - Analyst Report) concluded the acquisition of Waterford, Connecticut-based ABCO Gases, Welding and Industrial Supply Company Inc. ABCO serves medical and industrial customers with high-purity gases, liquid gases, specialty gas mixes, protocol gases, as well as industrial welding and cutting equipment, and automated and robotic welding solutions.
ABCO has its retail stores, a fill plant and an equipment service center at twelve locations across England, including, Connecticut, Massachusetts, Rhode Island, and New Hampshire. All these locations along with more than 100 employees now form a part of Airgas.
A family owned business since 1921, ABCO is a well-known name in England. Besides, supporting the same industries as Airgas, it also serves other industries like shipyards, steel fabricators, hospitals, pharmaceutical companies, and defense contractors.
The strategic acquisition has been complimentary for both the companies with its benefits extended to the customers and employees of both Airgas and ABCO. With a desire to share the values of serving the customers well and adapting the culture of Airgas, the newly acquired company looks forward to serving the customers better and expanding the business horizons.
Prior to this, Airgas acquired Bloomington, Indiana-based Pain Enterprises Inc., which served a wide range of customers, including the food and beverage industry, hospitals, and industrial and chemical manufacturers. Pain generated annual revenues of about $33 million in 2010.
The company has 20 locations and more than 140 employees. With the help of this acquisition the company expanded its dry ice and liquid carbon dioxide business throughout the Midwest
Based in Randor, Pennsylvania, Airgas, through its subsidiaries, distributes industrial, medical, and specialty gases, as well as hard goods in the United States. Airgas competes with Air Products & Chemicals Inc. (APD - Analyst Report) and L'Air Liquide SA (AIQUY). Currently, the company retains a Zacks #3 Rank, which translates into a short-term (1 to 3 months) Hold rating.