Airgas has snapped up another company: The industrial gases and safety gear direct merchant announced May 31 it has purchased ABCO Gases, Welding and Industrial Supply Co. Terms of the deal were not disclosed.
The Waterford, CT-based 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. It has more than 100 employees and locations in Connecticut, Massachusetts, Rhode Island, and New Hampshire.
The 90-year-old ABCO, which recorded $35 million in sales in 2010, is now part of Airgas East operations. There are 12 ABCO New England locations.
Airgas spokesperson Jay Worley says the acquisition of ABCO arose as part of its ongoing corporate development efforts. “ABCO enhances our existing presence in the New England area,” Worley says. With this acquisition, Airgas has now acquired annual revenue of almost $70 million in the first two months of its fiscal 2012 fiscal year.
Airgas ended its fiscal year 2011 on Mar 31 with sales of $4.3 billion – a 10% increase over fiscal year 2010’s sales of $3.9 billion. Of the 10% sales growth, 8% was organic and 2% was acquired, Worley adds.