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Gases distributor Airgas Inc. (NYSE: ARG), Radnor, PA, announced that beginning July 1, 2014, or as contracts permit, its operating units will increase prices on bulk and packaged industrial, medical and specialty gases by 5 to 15 percent and on argon by up to 25 percent.
Welding hardgoods and safety products prices will increase by 3 to 5 percent, and delivery and other service fees will also be adjusted. Cylinder and bulk tank rental rates will increase by 5 to 15 percent effective June 1, 2014, or as contracts permit. Some price adjustments may be outside of these ranges based on specific market conditions.
"Our actions are in response to cost pressure on several fronts, including production expenses, supplier costs, labor and benefits, and regulatory compliance. In addition, persistent imbalances in supply and demand for certain products, particularly argon, are affecting distribution expenses, while natural gas and power costs continue to rise," said Michael Molinini, president and CEO. "We are working to mitigate rising costs by investing in technology and infrastructure to more efficiently serve our customers and further ensure the unmatched reliability of our supply chain and safety practices."