RADNOR, PA July 2, 2007 -- Airgas, Inc. (NYSE: ARG) today announced it has acquired Lehner & Martin, Inc. ("L&M"), a Santa Ana, CA-based industrial gas and welding supply distributor with branches in Placentia, Gardena, and Chino, CA. L&M generated sales of more than $13 million in the fiscal year ended March 31, 2007.
The operations have been integrated into Airgas West, one of the regional companies that make up Airgas' distribution business.
L&M was founded by Ken Lehner in 1975 and is currently managed by his son, Mark Lehner, who will join Airgas West as an area vice president.
"We are pleased to welcome Mark, his brother Reid, and about 50 L&M associates to the Airgas team," said Glen Irving, president of Airgas West. "L&M has established itself as a reliable distributor to its customers and will increase the efficiency of our service to customers in the Orange County area."
"The sale comes at the right time for our people and our customers," said Ken Lehner, president of L&M, who will retire. "We are pleased to join forces with Airgas, creating an opportunity for our people to be part of a national leader, and allowing us to strengthen our relationships with customers by offering more Airgas products, including safety."
The transaction was the fifth acquisition completed since the start of Airgas' fiscal 2008 on April 1, 2007, with acquired sales now topping $378 million, including the Linde U.S. packaged gas acquisition announced earlier today.
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 13,000 employees work in over 1,000 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.
Jay Worley (610) 902-6206
James Ely (610) 902-6010