Comments on Air Products' Withdrawal of Unsolicited Tender Offer
RADNOR, PA - February 16, 2011 - Airgas, Inc. (NYSE: ARG) today announced a program to repurchase up to $300 million of its outstanding shares of common stock. As of February 15, 2011, Airgas had approximately 84.2 million common shares outstanding.
"This new share repurchase program reflects our confidence in the future, based on our favorable business trends, solid balance sheet, and strong cash flow," said Airgas Chief Executive Officer Peter McCausland. "We believe we can continue to fund our growth strategies while realizing attractive earnings accretion from share repurchases."
Airgas may repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The Company will determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors. The stock repurchase program will be funded under the Company's existing credit facility, has no pre-established closing date, and may be suspended or discontinued at any time.
In response to the announcement by Air Products & Chemicals, Inc. (NYSE: APD) ("Air Products") that it has withdrawn its unsolicited tender offer, Airgas noted that its Board of Directors never wavered in its commitment to all stockholders and has remained unanimous in its belief that Air Products' unsolicited offers were inadequate.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. Airgas is also one of the largest U.S. distributors of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants, and ammonia products. More than 14,000 employees work in approximately 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com.
Joele Frank / Dan Katcher / Andrew Siegel
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