Paris-based Air Liquide has completed its acquisition of Airgas Inc., Radnor, PA, which was announced last November.

Air Liquide bought Airgas for $10.3 billion, making the company the largest industrial gases and welding hardgoods distributor in the world. With debt, the deal was valued at $13.4 billion.

Globally, the combined businesses will generate annual sales of more than €20 billion (US$22.4 billion), employ approximately 68,000 people and serve well more than three million customers and patients.

"There is strong industrial and market logic to this acquisition, which ideally positions Air Liquide for future growth," said Air Liquide CEO Benoît Potier. "The two businesses are highly complementary, and the transaction extends our customer base through a unique, multi-channel distribution network and a nationwide presence in the U.S."

The deal closed faster than expected and is expected to shake up the gases & welding equipment sector.