MagneGas Applied Technology Solutions, Inc. has announced the acquisition of an independent industrial gas and welding supply distributor in East Texas.
The $2.5m acquisition will expand MagneGas’ geographic footprint in the East Texas market, which is home to a large number of industrial and shipping companies.
“With this acquisition, we are researching significant economies of scale and market dominance in East Texas,” said Scott Mahoney, CEO of MagneGas.
“Together with our prior four acquisitions in the region in 2018, we now operate one of the largest independent industrial gas distributors in the region and have access to thousands of consistent consumers of industrial gas products.”
“With our newfound scale, we anticipate significant improvement in our operating margins in the coming quarters as we optimise our operations in the region.”
“This was one of our central objectives heading into 2019, and we are proud of our team’s ability to close such an impactful transaction so early in the year,” concluded Mahoney.
MagneGas Applied Technology Solutions, Inc. and its European partner Infinite Fuels, GmbH, have been awarded a €6m ($7m) European Commission grant.
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