Airgas CEO Peter McCausland talks to MDM about the acquisition attempt.
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Latest In Airgas
Radnor, PA-based Airgas, No. 4 on MDMs Top 40 Industrial Distributors list, spent most of 2010 fending off a hostile takeover bid from manufacturer Air Products, Lehigh Valley, PA. Airgas President and CEO Peter McCausland recently spoke with Associate Editor Jenel Stelton-Holtmeier about the key drivers of growth in 2010, goals for the company now that Air Products has withdrawn its bid, and the growing role of technology in sales.
MDM: Last year seems to have been a pretty good year for Airgas, even with the need to fend off the bid from Air Products. What were the key drivers for growth in 2010?
Peter McCausland: I suppose you’re talking about our fiscal year 2011 that ended this past March 31, since that’s mostly calendar 2010. And it was a pretty good year.
I think the real driver was a resurgence in the U.S. economy, especially among manufacturers. It started with large manufacturers, and toward the end of our fiscal year we saw the recovery begin to spread.
Energy companies and energy markets were showing…
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ABCO’s 12 New England locations are now a part of Airgas East.
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Airgas also announced two related leadership appointments for distribution operations and gases production.
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Pain distributes dry ice and carbon dioxide to a wide range of customers in the Midwest.
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Fourth-quarter sales for Airgas grew 12 percent.
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Second-quarter results include a loss of $4.4 million related to the failed takeover bid of Airgas.
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Simonetta takes over for Fred Manley, who has been appointed vice president – technology and services markets.
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Following court decision, Air Products said it is moving on to other acquisition opportunities.
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Airgas also announces it has made 7 acquisitions in the first nine months of its fiscal year.
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Conley is a Texas-based distributor to the specialty gas industry.
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Airgas board unanimously rejected offer of $70 per share as ‘clearly inadequate.’
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Air Products CEO: New bid is ‘best and final offer’ for Airgas.
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Ruling: Bylaw amendment ‘materially shortens’ terms of Airgas board members.
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Distributors provide updates on end-market growth, acquisition plans and employee headcount.
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In a letter to Air Products, the Airgas Board of Directors reiterated its position that Air Products’ current offer for the gases company is ‘grossly inadequate.’
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Airgas will appeal the ruling by Delaware Chancery Court approving passage of the bylaw amendment proposed by Air Products.
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But Air Products has said it won’t be offering “anything with a 7 on it.”
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Passage of Air Products by-law amendment still being contested.
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Airgas shareholders also voted on proposals for by-law changes submitted by Air Products.
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