Valley National Gases Completes Acquisition
2005年6月14日 - 3:16AM
PRニュース・ワイアー (英語)
Valley National Gases Completes Acquisition WASHINGTON, Pa., June
13 /PRNewswire-FirstCall/ -- Valley National Gases Incorporated
(AMEX:VLG) today announced the acquisition of Plymouth Wayne
Welding Supplies, Inc., an industrial gases and welding supply
distributor with four locations in Southeastern Michigan. Plymouth
Wayne has approximately $12 million in annual sales. Valley
National Gases' Vice Chairman and Chief Executive Officer, William
A. Indelicato, commented, "We have now satisfied the criteria in
the Option Agreement which had precluded us from divulging the
identity of the company we described in our May 13, 2005 press
release and we are pleased to announce that the Plymouth Wayne
associates will become part of our Valley family. Plymouth Wayne
provides us with opportunity to participate in the greater
Southeastern Michigan market, which is contiguous with Valley's
current operations. Both Plymouth Wayne and Valley participate in
portions of the Northwestern, Ohio market which will create some
synergistic opportunities for us. Plymouth Wayne possesses
significant technical depth in the area of robotics applications.
We believe this technology base can effectively be applied in other
markets which we serve. Plymouth Wayne also enjoys a relatively
high percentage of gas sales which tend to be stable during
economic downturns." Mr. Indelicato further commented: "This
acquisition fits well with our strategy of effectively distributing
products and services across an expanding geographic marketplace.
It also reestablishes our efforts to primarily grow through
selective, quality acquisitions. We will continue to actively
pursue acquisition candidates that fit our profiles. Valley
National Gases, with headquarters in Washington, Pennsylvania, is a
leading packager and distributor of industrial, medical and
specialty gases, welding equipment and supplies, propane and fire
protection equipment. Valley National Gases operates sixty three
locations in eleven states, with eight production and distribution
centers in the eastern United States. During the last eight years
Valley National Gases, Inc. has acquired 33 distributors, adding in
excess of $90 million in annual sales. DATASOURCE: Valley National
Gases Incorporated CONTACT: James P. Hart of Valley National Gases,
+1-724-228-3000, or Web site: http://www.vngas.com/
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