Matheson Tri-Gas, Inc. Acquires Five Star Gas & Gear, Inc. |
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Matheson
166 Keystone Dr.
Montgomeryville, PA, 18936
USA
Press release date: March 13, 2008
Basking Ridge, NJ, - March 13, 2008 - Matheson Tri-Gas, Inc., has successfully completed the purchase of Five Star Gas & Gear, Inc. of Los Nietos, CA. The purchase will add five new branches to the Matheson Tri-Gas network, and the acquired company will become a part of the Matheson Tri-Gas Industrial Gas Group business unit. The transaction involves all of Five Star's assets and employees. Kirk Merica will retain his general management responsibilities for Five Star Gas & Gear now as part of Matheson Tri-Gas.
Mr. William J. Kroll, Chairman, President & CEO of Matheson Tri-Gas, Inc. and Executive Director of Taiyo Nippon Sanso Corporation, parent Company of Matheson Tri-Gas, Inc. stated, "This acquisition is consistent with Taiyo Nippon Sanso's and Matheson Tri-Gas' focused strategy to expand our presence in the US Market. Proactive acquisition of strong distribution channels like Five Star is clearly one of the ways we intend to do this. This acquisition highlights our position as a vertically integrated supplier of bulk, packaged and specialty gases in this market and supports our recent investment in our new air separation unit for bulk liquid at Vernon, CA."
According to Steve Foster, Corporate Vice President for Corporate Business Development at Matheson Tri-Gas, "The acquisition of Five Star is important as it provides us with needed distribution capabilities for packaged and specialty gases throughout Southern California. We believe that the acquisition will benefit the customers of both organizations."
Jack Renouf, President, Five Star Gas & Gear, Inc. added, "We were not actively pursuing a sale but are excited to become part of the Matheson Tri-Gas organization. Matheson Tri-Gas will build on the success of the Five Star brand through continued investment of expertise and resources and bring the business to the next level of achievement."
Matheson Tri-Gas, Inc. is a single source for industrial, medical, specialty and electronic gases, gas handling equipment, high performance purification systems, engineering and gas management services, and on-site gas generation with a mission to deliver innovative solutions for global customer requirements. Matheson Tri-Gas, Inc. is the largest subsidiary of the Taiyo Nippon Sanso Corporation Group, one of the five largest worldwide gases organizations.
Contacts:
Beth Sullivan Marketing Communication Specialist Matheson Tri-Gas, Inc. bsullivan@matheson- trigas.com (215) 648-4026
Christine K. Scully Marketing Communication Manager Matheson Tri-Gas, Inc. christine.scully@verizon.net (201) 825-1331
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