May 10, 2005
Airgas Inc. has signed a nonbinding letter of intent to acquire Kanox Inc., a Kansas-based distributor of packaged gases and welding hardgoods. Airgas currently owns 25 percent of the outstanding stock and would purchase the remaining shares from private shareholders. The companies are working toward signing a definitive purchase agreement and anticipate closing the transaction before the middle of the year, subject to customary closing conditions.
With headquarters in Hutchinson, Kan., Kanox operates nine locations in Colorado, Kansas, and Oklahoma and employs about 120 people. The three Colorado branches would be integrated with Airgas Intermountain, and the remaining branches would be integrated with Airgas Mid South.