Airgas Inc. recently revealed the reinstatement of its existing share repurchase plan, which authorises the repurchase of up to $150m of Airgas common stock and had previously been suspended while the company consummated and integrated its acquisitions of Linde AG's US bulk and packaged gas assets.
To date, the company had purchased $13m under the authorisation prior to suspension of the program, while as of March 2008 Airgas had approximately 82,600,000 shares outstanding.
Airgas Chairman and CEO Peter McCausland commented, “With the Linde acquisitions contributing according to expectations, and with most of the integration work behind us, this is a good time to reinstate our share repurchase plan.”
“Our business is performing well and our cash flow is strong. Accordingly, we have the liquidity necessary to continue investing for growth, fund our dividend program, and repurchase shares as market conditions permit,” McCausland continued.
Airgas Inc, through its subsidiaries, is the largest US distributor of industrial, medical, and specialty gases, and related hardgoods, such as welding equipment and supplies.