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Technology company MagneGas Corp. (NASDAQ: MNGA), Tampa, FL, has acquired Equipment Sales and Service Inc., Clearwater, FL. ESSI is an industrial gas distribution company with estimated sales for 2014 of about $2 million.
The acquisition will provide MagneGas a platform to further fuel sales and expand its customer product availability, resulting in more rapid market penetration to grow recurring sales.
MagneGas purchased 100 percent of the outstanding stock of ESSI in exchange for $3 million in cash paid at the closing. The acquisition is expected to bring the overall MagneGas fuel division to a breakeven level in 2015.
MagneGas also purchased a new building to expand its headquarters.