Air Liquide Acquisition Of Airgas Is Complete

May 24, 2016
The combined businesses will employ approximately 68,000 people around the world and serve over three million customers and patients.

Air Liquide completes the acquisition of Airgas, Inc., a supplier of industrial gases and associated products and services in the U.S. According to Air Liquide, the combined businesses will generate annual sales of more than €20 billion, employ approximately 68,000 people around the world and serve over three million customers and patients.

Under the terms of the merger agreement, first announced and unanimously approved by each company's board of directors in November 2015, Airgas shareholders receive $143 in cash for each share of common stock of Airgas. In connection with the merger, the Airgas common stock has been delisted from the New York Stock Exchange, according to Air Liquide. Airgas will operate as a subsidiary of Air Liquide within the company’s U.S. operations and, commercially, will go to market as Airgas, an Air Liquide company.

Peter McCausland, executive chairman of the board of Airgas, retired upon closing of the transaction. Pierre Dufour, senior executive vice-president and board director of Air Liquide, has been appointed chairman of the board of Airgas. Michael Graff, member of the Air Liquide Group’s executive committee and executive vice-president of the Houston hub, has been appointed vice chairman of the board of Airgas. Pascal Vinet, member of the Air Liquide Group’s executive committee, will be appointed CEO of Airgas, after a brief, post-closing transition phase. During this transition, Michael Molinini will continue serving as interim CEO of Airgas, and he will retire later this year. Andrew Cichocki has been promoted to chief operating officer of Airgas, where his responsibilities will include direct oversight of the combined companies’ industrial merchant and healthcare activities in the U.S., which are being consolidated under Airgas.

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