MagneGas Corporation, the clean technology company in the renewable resources and environmental solutions industries, has announced that it has appointed Jack Armstrong as President of MagneGas welding supply, LLC.
This new entity will hold all current and future assets related to the company’s gas and welding supply retail business including Equipment Sales and Services, Inc. (E.S.S.I).
Armstrong has been employed by MagneGas since 2012 as Executive Vice-President of Industrial Gas Sales. In this capacity, Armstrong has nearly doubled sales of MagneGas’ subsidiary E.S.S.I since 2015, opened four new retail locations and expanded the company’s distribution network across the country. Prior to joining MagneGas, Armstrong worked in various positions in capital markets as a licensed broker and banker with significant experience in mergers and acquisitions.
MagneGas has developed a strategy to grow revenues through organic growth and accretive acquisitions of other welding gas supply companies.
The company is targeting select key US markets as well as Florida and Indiana, where the company already has a strong sales force in place. MagneGas believes that Armstrong’s success in scaling the company’s industrial gas business, combined with his capital markets and merger and acquisition experience, positions him well to execute on the company’s new growth strategy.
MagneGas has already identified several high-quality acquisitions. The key criteria for these acquisition targets include; a strong existing management team, a stable customer base, consistent profitability, and a scalable addressable market. To that end, the company has established MagneGas Welding Supply, LLC as a wholly owned subsidiarity to consolidate these operations as it peruses this acquisition strategy.
Ermanno Santilli, CEO of MagneGas, stated, “Jack Armstrong’s commitment to our company and his successful execution scaling MagneGas’ industrial gas business has been a driving factor for our decision to select him as a President of MagneGas Welding Supply. As we embark on a new chapter in our company, one that is heavily focused on acquiring accretive companies in the industrial gas market, we believe Armstrong is an ideal fit. The entire MagneGas team congratulates Armstrong on this new endeavour.”