Airgas chairman sells 1.2 million shares

Tue Nov 27, 2012 9:20am EST

Nov 27 (Reuters) - Airgas Inc Chairman and founder Peter McCausland has sold 1.2 million shares in the industrial gas supplier, the company said in a statement.

The sale, completed as part of an overnight block trade, netted roughly $108 million with the Monday close of Airgas stock at $90.47 per share.

McCausland sold the stock for "tax planning" purposes and to repay debt incurred in recent years to exercise stock options. The sale comes ahead of an expected increase in some U.S. tax rates at the end of 2012.

McCausland still holds about 7 million Airgas shares.