Airgas has announced a program to repurchase up to $600 million of its outstanding shares of common stock. As of October 22, 2012, Airgas had approximately 77.3 million common shares outstanding.
“Airgas is well-positioned for sustained long-term growth, and this share repurchase program reflects our confidence in the future,” said Airgas Executive Chairman Peter McCausland. “Our balance sheet is solid, and we continue to generate strong cash flow, which affords us the opportunity to repurchase shares and realise attractive earnings accretion while continuing to fund our growth strategies.”
Airgas may repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The company will determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. The stock repurchase program has no pre-established closing date and may be suspended or discontinued at any time.