MagneGas Applied Technology Solutions, Inc. (MagneGas), a leading clean technology company in the renewable resources and environmental solutions industries, announced the completion of an acquisition of an independent industrial gas and welding supply distributor based in Longview, Texas. This transaction, priced at USD 0.75M, which was paid in cash at closing, expands the Companyâs geographic footprint in the Texas market as it represents the third acquisition in Texas and the fourth acquisition in the Greater Texas region, which is notable for its world-leading oil & gas and transportation industries.
âThis third acquisition in Texas expands our operating efficiency through economies-of-scale as we march towards cementing MagneGasâ dominant market position in the region,â? commented Ermanno Santilli, Chief Executive Officer of MagneGas. âThe acquisition aligns with our strategy to expand our geographic footprint towards Houston, one of the largest global markets for industrial gases and metal-cutting fuels. We are very excited to combine this newly-acquired team with our other boots on the ground in Texas and improve operational synergies.â?
âThis acquisition is expected to increase our monthly sales by more than USD 60, 000â?, commented Scott Mahoney, Chief Financial Officer of MagneGas. âWe also expect this acquisition to play a key role in improving the profitability of our Texas operations as we consolidate our operations and realize meaningful synergies.â?
