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Airgas, Inc., Radnor, PA, has signed a non-binding letter of intent to acquire Kanox, Inc., Hutchinson, KS, a distributor of packaged gases and welding hardgoods with annual revenues of $23 million. Airgas currently owns 25% of the outstanding stock and would purchase the remaining shares from private shareholders. Kanox operates nine locations in Colorado, Kansas and Oklahoma and employs about 120 people.
"Kanox has built a strong, multi-state distribution network with roots that go back to its founding in 1946, and we are very excited about the prospects of welcoming Kanox people to our organization at closing," said Airgas Chairman and CEO Peter McCausland. "Three Colorado branches would be integrated with Airgas Intermountain and the remaining six branches would be integrated with Airgas Mid South. Our people in both of these regional companies look forward to working with Kanox on a smooth transition for employees and customers."
"Kanox is very interested in finding an outcome that will work best for our people, our customers, our suppliers and our shareholders. This proposed transaction with Airgas will do just that," said Kanox Chairman and CEO Norman L. Krause. "Airgas is interested in our people and our locations and we look forward to completing the negotiations and closing the transaction."