Industrial gas supplier Airgas, Inc. (ARG) said Monday that it has acquired Tri-Tech, a Tampa, Florida-based distributor of industrial, medical, and specialty gases and related supplies. Financial terms of the deal were not disclosed.
The acquired business, with 16 locations throughout Florida, Georgia, and South Carolina, generates annual revenues of about $31 million, Airgas said.
The Radnor, Pennsylvania-based company said twelve of the acquired locations have been integrated into Airgas South and four have been integrated into Airgas National Welders. Airgas South and Airgas National Welders are among 12 regional companies within Airgas' distribution business.
Tri-Tech president John Sheehan will join the management team at Airgas South.
"We are thrilled to welcome more than 110 Tri-Tech employees to the teams at Airgas South and Airgas National Welders," said Airgas Executive Vice President and Chief Operating Officer Mike Molinini. "This is a well-run business with a reputation for exceptional customer service."
Airgas shares are currently trading at $46.51, down 79 cents or 1.67%.
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