Matheson Tri-Gas, Inc., has successfully completed the purchase of Polar Cryogenics, Inc., of Portland, Oregon.
The purchase will add three new operations to the Matheson Tri-Gas network and the acquired company will become a part of the Matheson Tri-Gas Global Specialty Gases strategic business unit. Jack Federico will continue to head the business as Vice President and General Manager.
Mr. James Samples, President and COO of Matheson Tri-Gas, said, $quot;This acquisition is consistent with Taiyo Nippon Sanso's and Matheson Tri-Gas' focused strategy to expand our presence in the US Market. The acquisition will enhance our position in the Pacific Northwest and further our goal of becoming a $quot;national supplier.$quot;
According to Mr. Rick Kowey, Executive Vice President, Global Specialty Gases, Matheson Tri-Gas, $quot;This acquisition will provide Polar Cryogenics' and Matheson Tri-Gas' customers access to a broader range of specialty gases and equipment products. Matheson Tri-Gas is a key player in the specialty gas market in the US, and the strategic fit of Polar Cryogenics with our existing business significantly strengthens Matheson Tri-Gas as a competitive supplier. We welcome aboard all of the Polar team members and are also very happy that Jack Federico has agreed to accept the ongoing leadership role of this business.$quot;
Jim Sedgwick, president and CEO, Polar Cryogenics, added, $quot;I have always regarded Polar Cryogenics as a very successful, smaller version of Matheson Tri-Gas, since our value-based approach to the market for specialty and medical gases has been consistent with Matheson Tri-Gas' business philosophy. This acquisition will help give the Polar Cryogenics brand and organization national exposure, a significantly expanded product line, and access to strong technology, marketing and sales expertise.$quot;