Radnor, PA-based welding gasses and equipment conglomerate Airgas (NYSE: ARG) has reached a definitive agreement to sell the assets and operations of $47 million Whittier, CA-based Rutland Tool & Supply Co. The buyer is Des Plaines, IL-based Lawson Products, a manufacturer/distributor to the maintenance, repair, and operations (MRO) marketplace.
The deal is expected to close Dec. 1, subject to closing conditions. Proceeds of the sale will be approximately $15 million. Rutland Tool, which distributes metalworking tools, machine parts, and MRO supplies from seven locations and has about 180 employees.
Rutland Tool will accelerate Lawson’s growth strategy by expanding its product lines into the machine tool industry, and building its presence in Western markets, the company said in a statement.
According to spokesperson Jim Ely, the sale of Rutland leaves Airgas with the Airgas Safety Products, Radnor Safety Products, and Airgas Specialty Gasses and Equipment catalogs. All of the remaining titles support the company’s multichannel businesss, Ely says.