Airgas Announces Pricing Actions Effective June 1, 2010
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RADNOR, Pa.--(Business Wire)-- Airgas, Inc. (NYSE:ARG) today announced that beginning June 1, 2010, or as contracts permit, its operating units will increase prices on bulk and packaged gases, and other products and services. Prices will increase, on average, as follows: * 6 - 9% for all bulk and packaged industrial, medical, and specialty gases * 5 - 10% for cylinder and bulk tank rental rates * 3 - 6% for welding hardgoods and safety products Rising costs for raw material, power, fuel, and labor and benefits have led to increases in product costs from suppliers as well as operating costs at Airgas plants and distribution facilities. The company also has seen higher prices for welding hardgoods and safety products, cylinders, bulk tanks, gas handling plants and equipment, in addition to rising costs of regulatory compliance, all of which factored into the pricing actions. "Nearly two years have passed since our last across-the-board price increase, and the pace of cost increases is now accelerating as the economy recovers," said Airgas Chairman and Chief Executive Officer Peter McCausland. "Airgas associates are working hard every day to meet our customers` needs. We continue to leverage our industry-leading infrastructure and comprehensive product and service offering so we can safely and efficiently meet the demands of our customers." 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 over 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. Forward-Looking Statements 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. These statements include, but are not limited to, statements regarding: announced price increases for the Company`s products and services beginning June 1, 2010, or as contracts permit; the pace of cost increases accelerating as the economy recovers; and continuing to leverage our industry-leading infrastructure and comprehensive product and service offering so we can safely and efficiently meet the demands of our customers. We intend that such forward-looking statements be subject to the safe harbors created thereby. 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. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include: the Company`s inability to successfully implement the price increases, including our customers` acceptance of increased prices; an economic downturn; increased industry competition; adverse changes in customer buying patterns; increased energy costs or metal prices in amounts higher than anticipated; catastrophic weather events, significant political and economic uncertainties associated with current world events; and other factors described in the Company`s reports, including Form 10-K for our fiscal year ended March 31, 2009, subsequent Forms 10-Q, and other documents filed by the Company with the Securities and Exchange Commission. Airgas, Inc. Media Contact: Jay Worley, 610-902-6206 jay.worley@airgas.com or Investor Contact: Barry Strzelec, 610-902-6256 barry.strzelec@airgas.com Copyright Business Wire 2010
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