AIRGAS INCREASES QUARTERLY DIVIDEND
2009.07
Airgas, Inc. (www.airgas.com) Board of Directors increased the quarterly cash dividend on the Company’s common stock to $0.18 per share from $0.16. The dividend became payable June 30, 2009 to shareholders of record as of June 15, 2009.
AIR LIQUIDE ACQUIRES PACIFIC SCIENCE
2009.07
Air Liquide Healthcare America Corporation, Air Liquide’s American Healthcare subsidiary (www.airliquide.com) acquired Pacific Science, Inc, a provider of cryobiology equipment and services to biobanks, based in Torrance, CA, in May. Pacific Science, Inc., a 15-people company, will complement Air Liquide’s offering to American hospitals, particularly on the West Coast. It is also a channel through which Air Liquide’s cryobiology solutions can be brought to the US market. They include designs for biobanks, vacuum line installations, liquid nitrogen supply, freezing and storage capacity, global process monitoring, and cell tracking Cryobiology is a promising area for Air Liquide. This application ensures the quality and the operability of stored biological samples and North America represents more than 40 percent of this fast growing market; its most dynamic markets are located on the East and West coasts. Jean-Marc de Royere, Senior Vice President in charge of Healthcare and a member of Air Liquide’s Executive Committee, said: “We are pleased to welcome Pacific Science into our Healthcare organization. We value the expertise they have developed as a dedicated services outfit. With this latest acquisition in the United States, we can bring biobanks the comprehensive offering that many expect.”
AIR PRODUCTS CONTINUES TO EXIT HEALTHCARE
2009.07
Air Products (www.airproducts.com) has sold all of its US home infusion therapy services business and some elements of its respiratory and home medical equipment business to OptionCare Enterprises, Inc., a subsidiary of Walgreen Co. The transaction includes Air Products’ ownership interests in some of the companies previously operated as part of the Air Products Healthcare LLC Group, notably the home infusion therapy business of American Homecare Supply, Georgia (serving Atlanta and northern Georgia); Ultra Care and Dependicare (Chicago metropolitan area); Rx Pharmacy Services and Mosso’s Medical Supply Company (western Pennsylvania and Pittsburgh metropolitan area); Collins I.V. Care (Connecticut); and Air Products Healthcare Pharmacy (Lehigh Valley, Philadelphia metropolitan area, and southern New Jersey). The transaction represents nearly 50 percent of the remaining Air Products Healthcare Group portfolio and includes 15 locations with 550 employees serving about 25,000 patients. In another transaction, Air Products sold three of its US healthcare businesses to Landauer- Metropolitan, Inc., the largest provider of durable medical equipment, respiratory and infusion services in the Northeast, based in Mount Vernon, NY. The sale includes Air Products’ ownership interests in certain of the companies previously operated as part of the Air Products Healthcare LLC Group, namely Genox Homecare, serving Connecticut; Mid- Atlantic Healthcare, serving Maryland, Washington, D.C., and northern Virginia; and Young’s Medical Equipment, serving eastern and central Pennsylvania and New Jersey. There are approximately 220 employees, 15 locations, and more than 36,000 patients associated with these businesses. Last September, Air Products completed the sale of two other US healthcare businesses to LMI, including A&J Care in New York and COPD Services in New Jersey. Air Products expects to sell its remaining US healthcare businesses by the end of the Company’s fiscal year in September.
RED BALL OXYGEN EXPANDS
2009.07
Red Ball Oxygen (www.redballoxygen.com), a welding supply and industrial and specialty gas industry specialist, recently completed two acquisitions. Red Ball expanded further into the medical gas market by acquiring PBI Medical, headquartered in Benton, AR, with branch operations in Monroe, LA and Fayetteville, AR. “Tom and Jeff Brown [of PBI] have built an exceptional team with a relentless focus on customer satisfaction. They have taken a fresh approach to the medical gas market, listened carefully to their customers, and custom- tailored every aspect of their operation to deliver maximum value. We are very excited to have them lead our charge into this rapidly growing market segment,” said Bob Ewing, President, Red Ball Oxygen. Red Ball Oxygen also acquired Arc Automation, now a division of Red Ball. Based in Batesville, Arkansas, Arc Automation specializes in the sales and service of industrial robotics. “Robots are extremely reliable and efficient, drastically cutting cycle times and increasing throughput. With proper planning, programming, and training, robot integration produces immediate benefits. Because of our strong solutions focus, we know the time was right to bring these technologies and additional services to our customers,” said Jarrod Lipsey, Vice President of Sales, Red Ball Oxygen.
WORTHINGTON ACQUIRES PIPER METAL
2009.07
Worthington Industries (www.worthington industries.com), has purchased the assets related to the business of Piper Metal Forming Corporation, U.S. Respiratory, Inc., and Pacific Cylinders, Inc. Piper is a leading manufacturer of aluminum high-pressure cylinders, and impact extruded steel and aluminum parts, serving the medical, automotive, defense, oil services, and other commercial markets, with one manufacturing location in New Albany, MS. U.S. Respiratory provides value-added assembly and distribution of Piper’s medical cylinder products. Pacific Cylinders provides West Coast distribution from Diamond Springs, CA. The revenues of this group were approximately $30 million for the last calendar year. These assets will be included in Worthington’s Pressure Cylinders business segment. The transaction is expected to be modestly accretive in the first year. “This transaction represents a natural extension of our focus on growing our highly successful pressure cylinder business,” said Worthington’s Chairman and Chief Executive Officer, John P. McConnell.
