Airgas

Airgas is an American industrial-gas and related-products supplier operating as a wholly owned company within France-based Air Liquide. Founded in 1982 by Peter McCausland, the business developed from a U.S. packaged-gas supplier into a broad distribution, production, and services network serving more than one million customers. Its portfolio includes industrial, medical, and specialty gases supplied in cylinders, packaged formats, and other delivery configurations; welding equipment and consumables; safety products; atmospheric gases; carbon dioxide; dry ice; nitrous oxide; ammonia; and process chemicals. The company serves a wide range of end markets, including manufacturing and metal fabrication, construction, energy and chemicals, healthcare and life sciences, food and beverage, retail services, materials and power, government, defense, and aerospace. Airgas combines gas production and cylinder-filling capabilities with branches, regional distribution centers, specialty-gas laboratories, outside sales, strategic-account management, distributors, resellers, telesales, catalogs, and e-business channels. Its network has been described as comprising approximately 1,400 locations, including branches, fill plants, production facilities, laboratories, and distribution centers, with approximately 18,000 employees. Airgas expanded substantially through internal growth and more than 500 acquisitions. This acquisition-led strategy helped it build a nationwide packaged-gas distribution footprint and broaden its welding, safety, equipment-rental, and specialty-products capabilities. Among the notable transactions was the 1995 acquisition of Red-D-Arc Welderentals. In 1986, Airgas became a publicly traded company, and in 2009 it entered the S&P 500 index. The company was also the target of a prolonged takeover attempt by Air Products and Chemicals. Air Products launched a public tender offer in 2010 and raised its proposed price during the following year. Airgas defended itself using corporate measures including a poison-pill provision, and the Delaware Court of Chancery upheld the defense. Air Products ended its effort in February 2011. In November 2015, Airgas agreed to be acquired by Air Liquide for a reported total transaction value of $13.4 billion. The transaction received board and shareholder approval and was completed on May 23, 2016. Airgas continued operating under its established name as a major U.S. platform for Air Liquide. In 2019, Airgas agreed to acquire Tech Air, an independent U.S. distributor of industrial gases and welding supplies. The transaction reflected Airgas's continuing emphasis on distribution scale and regional customer coverage. Today, Airgas remains primarily associated with the U.S. market and combines industrial-gas supply with welding, safety, specialty-gas, chemical, and customer-delivery services.

Airgas was founded in the United States in 1982 by Peter McCausland, who served as chairman and chief executive officer. The company centered its early development on packaged industrial gases and related distribution services. In 1986, it became a publicly traded company, providing a platform for expansion in a fragmented U.S. market. Airgas grew through a combination of internal expansion and an extensive acquisition program. More than 500 acquisitions, together with organic investment, helped the company establish a national distribution network for packaged gases and broaden its presence in welding supplies, equipment, safety products, specialty gases, and related industrial services. The 1995 acquisition of Red-D-Arc Welderentals added a welding-equipment rental capability to the group's offering. Over time, Airgas assembled an integrated network of branches, cylinder-fill plants, production facilities, specialty-gas laboratories, and regional distribution centers. By the late 2000s and early 2010s, Airgas served customers across manufacturing, metal fabrication, construction, energy, chemicals, healthcare, life sciences, food and beverage, materials, power, government, defense, and aerospace. Its routes to market included company branches, an outside sales force, a strategic-accounts organization, distributors and resellers, telesales, catalogs, and electronic commerce. The company was added to the S&P 500 in September 2009. Airgas became the subject of a major takeover contest after Air Products and Chemicals approached Peter McCausland about a possible combination in October 2009. McCausland rejected the idea, and Air Products launched a public tender offer in February 2010. Airgas resisted the bid and used a poison-pill defense. The offer was extended and increased over the following year, while the dispute moved into litigation. In February 2011, the Delaware Court of Chancery upheld Airgas's defensive measures, and Air Products abandoned its takeover effort on February 15. In November 2015, Airgas agreed to be acquired by Air Liquide, a French industrial-gases company. The reported total transaction value was $13.4 billion. After approval by the Airgas board and shareholders, Air Liquide finalized and announced the acquisition on May 23, 2016. Airgas became a wholly owned subsidiary and continued to operate under its own name as a central part of Air Liquide's U.S. business. Airgas continued to expand its distribution reach after the acquisition. In 2019, it signed a definitive agreement to acquire Tech Air, an independent U.S. distributor of industrial gases and welding supplies serving multiple American regions. The transaction was consistent with Airgas's longstanding strategy of combining gas production and supply capabilities with a dense regional distribution network. The brand remains active in the United States, supplying gases, welding products, safety equipment, specialty products, and process chemicals to professional and industrial customers.

1. 2019Airgas agrees to acquire Tech Air

   Airgas signed a definitive agreement to acquire Tech Air, an independent U.S. distributor of industrial gases and welding supplies.

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2. 2016Air Liquide completes the acquisition

   Air Liquide completed the acquisition, making Airgas a wholly owned subsidiary.

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3. 2015Airgas agrees to Air Liquide acquisition

   Airgas agreed to be acquired by Air Liquide in a transaction reported at $13.4 billion.

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4. 2011Air Products ends its takeover attempt

   After the Delaware Court of Chancery upheld Airgas's poison-pill defense, Air Products abandoned its bid.

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5. 2010Air Products begins a takeover attempt

   Air Products and Chemicals initiated a public tender offer after an earlier merger approach was rejected.

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6. 2009Airgas enters the S&P 500

   Airgas replaced Cooper Industries in the S&P 500 index.

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7. 1995Red-D-Arc Welderentals acquisition

   Airgas acquired Red-D-Arc Welderentals, adding to its welding-equipment and rental capabilities.

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8. 1986Airgas becomes publicly traded

   The company became a publicly traded business, supporting subsequent expansion and acquisition activity.

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9. 1982Airgas is founded

   Peter McCausland founded Airgas in the United States to develop an industrial-gas and related supply business.

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A broad U.S. industrial-gas, welding-supply, safety-products, and related-services provider for industrial, healthcare, food, energy, construction, government, and other professional customers.

• Industrial gasesIndustrial gases

  Airgas supplies industrial gases such as oxygen, nitrogen, argon, carbon dioxide, and hydrogen in packaged and cylinder formats. These products support metal fabrication, manufacturing, construction, energy, chemical processing, food handling, and other industrial operations. Supply may be coordinated through local branches, production facilities, delivery routes, and account-management services.

• Medical gasesMedical gases

  The medical-gas portfolio serves healthcare and life-sciences customers with gases used in clinical, laboratory, and institutional environments. The offering is part of Airgas's broader U.S. gas-supply infrastructure and is supported by packaged-gas distribution and customer service capabilities.

• Specialty gasesSpecialty gases

  Specialty gases include high-purity and application-specific gases for laboratories, testing, research, healthcare, and industrial processes. Airgas supports this category through specialty-gas laboratories and distribution channels designed around purity, composition, cylinder handling, and reliable supply.

• Welding equipment and suppliesWelding products

  Airgas provides welding equipment, welding consumables, cutting supplies, and related shop products. This category complements its shielding-gas and industrial-gas business and serves fabricators, contractors, manufacturers, maintenance operations, and other metalworking users. The broader offering has also included equipment rental capabilities.

• Safety productsIndustrial safety

  Safety products support workplace and industrial users with equipment and supplies associated with personal protection and operational safety. Airgas markets these products alongside gases, welding supplies, and account services, making the category part of an integrated procurement proposition for professional customers.

• Carbon dioxide, dry ice, and nitrous oxideSpecialty and atmospheric products

  Airgas markets carbon dioxide, dry ice, and nitrous oxide for applications across food, beverage, retail, healthcare, industrial, and other professional sectors. These products extend the business beyond conventional cylinder gases and can require specialized handling, packaging, storage, and delivery.

• Ammonia and process chemicalsProcess chemicals

  The portfolio includes ammonia products and process chemicals supplied to industrial and commercial customers. These offerings complement Airgas's gas-distribution activities and address chemical, manufacturing, energy, and other process-oriented applications.

• 2019Agree to acquire Tech AirM&A

  Tech Air was an independent U.S. distributor of industrial gases and welding supplies serving multiple geographic markets.

  What changed. Airgas signed a definitive agreement to acquire Tech Air.

  Aftermath. The agreement supported Airgas's continuing strategy of expanding regional distribution and customer coverage in the United States.

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• 2015Agree to acquisition by Air LiquideM&A

  Airgas agreed to a strategic acquisition by Air Liquide after previously remaining independent during Air Products' hostile bid.

  What changed. The Airgas board and shareholders approved the transaction, reported at a total value of $13.4 billion.

  Aftermath. Air Liquide completed the transaction in May 2016, and Airgas became a wholly owned subsidiary while retaining its established U.S. brand and operating identity.

  Reported total transaction value. $13.4 billion (2015 announced transaction)

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• 2010Defend against Air Products' tender offerM&A

  Air Products and Chemicals launched a public tender offer after Airgas rejected a possible merger. The bid continued through extensions and proposed price increases.

  What changed. Airgas resisted the unsolicited offer and relied in part on a poison-pill defense, leading to litigation in Delaware.

  Aftermath. The Delaware Court of Chancery upheld Airgas's defensive measures, and Air Products abandoned the takeover attempt on February 15, 2011.

  • Air Products and Chemicals — Air Products pursued the tender offer, extended it, increased the proposed price, and ultimately withdrew after the court ruling.
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• 2019Airgas agrees to acquire Tech Air

  Airgas signed a definitive agreement to acquire Tech Air, a large independent U.S. distributor of industrial gases and welding supplies.

  M&A
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• 2016Air Liquide completes acquisition of Airgas

  Air Liquide completed the acquisition on May 23, 2016, making Airgas a wholly owned subsidiary and major U.S. operating platform of the group.

  M&A
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• 2015Airgas agrees to be acquired by Air Liquide

  Airgas agreed to a proposed acquisition by Air Liquide for a reported total value of $13.4 billion, subject to approval.

  M&A
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• 2011Delaware court upholds Airgas takeover defense

  The Delaware Court of Chancery upheld Airgas's use of a poison-pill defense against Air Products' hostile takeover attempt. Air Products abandoned the offer on February 15, 2011.

  M&ALawsuit
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• 2010Air Products launches a takeover bid for Airgas

  Air Products and Chemicals initiated a public tender offer for Airgas after Airgas rejected an earlier merger approach. The offer was later extended and increased.

  M&ALawsuit
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• 2009Airgas joins the S&P 500

  Airgas replaced Cooper Industries in the S&P 500 index.

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• 1995Airgas acquires Red-D-Arc Welderentals

  Airgas acquired Red-D-Arc Welderentals, expanding its presence in welding-equipment rental and related customer services.

  M&A
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• 1986Airgas becomes a publicly traded company

  Airgas completed its transition to public-company status, supporting later expansion through acquisitions and capital-market access.

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1. Airgas
2. Airgas official website