RADNOR, PA - May 9, 2011 -- Airgas, Inc. (NYSE: ARG) today announced it has completed the acquisition of Pain Enterprises, Inc. ("Pain"), a producer and distributor of dry ice and carbon dioxide throughout the Midwestern U.S. The Bloomington, IN-based business serves a wide range of customers, including the food and beverage industry, hospitals, and industrial and chemical manufacturers. With 20 locations and more than 140 employees, Pain generated annual revenues of about $33 million in 2010.
Airgas has integrated the Pain business into its Airgas Carbonic and Airgas Dry Ice operations. Included in the integration are bulk liquid carbon dioxide and dry ice manufacturing plants in Hopkinsville, KY, and Riga, MI, a dry ice manufacturing plant in Muscatine, IA, and 17 bulk liquid carbon dioxide and dry ice distribution depots in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nebraska, Ohio, and Wisconsin.
"Acquiring Pain Enterprises significantly expands our dry ice and liquid CO2 business throughout the Midwest," said Phil Filer, president of Airgas Carbonic and Airgas Dry Ice. "We see increased opportunities for expanding our Penguin Dry Ice brand into new geographies and more retail locations, additional growth for liquid CO2 and dry ice within Airgas' national accounts business, increased support with more reliable sourcing of CO2 for our Airgas National Carbonation and Airgas regional company beverage carbonation business, and the immediate expansion of Airgas Carbonic production capabilities."
Pain Enterprises was established by Jack Pain, Sr., in 1957 as a welding supply business. In addition to welding gases, Pain quickly began to sell additional compressed gases, such as CO2. Their CO2 cylinder line grew into microbulk CO2 supply for the beverage carbonation business and finally into a substantial bulk liquid CO2 manufacturing and distribution operation. In 1977, Pain added dry ice production and distribution and experienced steady growth with that product line, as well.
"Pain Enterprises has a proven history of serving their customers," Filer added. "Our combined resources will now provide our expanded customer base with an even more robust offering of product and service solutions."
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 approximately 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.
This press release contains statements that are forward looking. Forward-looking statements include the statements identified as forward-looking in the Company's most recent press release announcing its quarterly earnings, as well as any statement that is not based on historical fact, including statements containing the words "believes," "may," "plans," "will," "could," "should," "estimates," "continues," "anticipates," "intends," "expects" and similar expressions. 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. Airgas assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include the factors identified in the Company's most recent press release announcing its quarterly earnings, as well as other factors described in the Company's reports, including its March 31, 2010 Form 10-K, subsequent forms 10-Q, and other forms filed by the Company with the Securities and Exchange Commission.
Jay Worley (610) 902-6206
Barry Strzelec (610) 902-6256