Airgas Announces Pricing Actions
May 27, 2014 at 09:00 AM EDT
Airgas, Inc. (NYSE: ARG) today announced that beginning July 1, 2014, or as contracts permit, its operating units will increase prices on bulk and packaged industrial, medical, and specialty gases by 5 – 15% and on argon by up to 25%. Welding hardgoods and safety products prices will increase by 3 – 5%, and delivery and other service fees will also be adjusted. Cylinder and bulk tank rental rates will increase by 5 – 15% effective June 1, 2014, or as contracts permit. Some price adjustments may be outside of these ranges based on specific market conditions.
“Our actions are in response to cost pressure on several fronts, including production expenses, supplier costs, labor and benefits, and regulatory compliance. In addition, persistent imbalances in supply and demand for certain products, particularly argon, are affecting distribution expenses, while natural gas and power costs continue to rise,” said Airgas President and Chief Executive Officer Michael L. Molinini. “We are working to mitigate rising costs by investing in technology and infrastructure to more efficiently serve our customers and further ensure the unmatched reliability of our supply chain and safety practices.”
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is one of the nation’s leading suppliers of industrial, medical and specialty gases, and hardgoods, such as welding equipment and related products. Airgas is a leading U.S. producer of atmospheric gases with 16 air separation plants, a leading producer of carbon dioxide, dry ice, and nitrous oxide, one of the largest U.S. suppliers of safety products, and a leading U.S. supplier of refrigerants, ammonia products, and process chemicals. More than 16,000 employees work in approximately 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also markets its products and services through e-Business, 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.
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases, and we intend that any such forward-looking statements be subject to the safe harbors created thereby. Forward-looking statements are generally identified with the words "believe," "expect," "anticipate," "intend," "estimate," "target," "may," "will," "would," "plan," "project," "should," "continue" or the negative thereof or other similar expressions, or discussion of future goals or aspirations, which are predictions of or indicate future events and trends and which do not relate to historical matters. These statements include, but are not limited to, statements regarding the Company’s leadership transition. All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by us or any other person that the results expressed therein will be achieved. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include the factors described in the Company's reports, including its Form 10-K dated March 31, 2013, subsequent Forms 10-Q and other forms filed by the Company with the Securities and Exchange Commission.