Airgas Reaches Agreement to Acquire Oilind Safety
Airgas Inc. announced on June 6 that it has signed a definitive agreement to acquire the assets and operations of Energy Safety Services Incorporated, doing business as Oilind Safety. The business, a U.S. provider of rental safety equipment and safety services, generated about $21 million in revenues in 2007.
The companies expect to complete the transaction by July 1, subject to customary closing conditions. Oilind Safety, which is based in Phoenix, Ariz, will operate as a stand-alone company within a new Airgas organization that includes construction and rental businesses.
In addition, effective June 1, Jack Appolonia will be promoted to vice president of construction and rental businesses, reporting to Mike Molinini, executive vice president and chief operating officer of Airgas, Inc. Appolonia had been an area vice president within Airgas East since August 2004, overseeing eastern Pennsylvania and southern New Jersey.
"Jack helped develop the business model for the first construction branch in Philadelphia more than two years ago and has worked with many leading contractors in his area," said Molinini. "He and his new team, with the addition of Oilind Safety, will help us take our construction business to the next level."
When the acquisition is completed, Oilind Safety, headed by its current president, Kirk Peda, will report to Appolonia. Airgas said it intends to offer employment to more than 200 Oilind Safety associates working in 16 locations, primarily in the Western U.S.
"We are very excited to join Airgas and look forward to expanding opportunities for our people and our customers," said Peda. "The resources that Airgas can provide and the national marketing support will help Oilind Safety expand relationships with existing customers and open new opportunities for us."