MagneGas Completes Acquisition of Louisiana Welding Supply Company
MAGNEGAS (MNGA)
Last magnegas earnings: 11/14 08:00 am
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Source: GlobeNewswire
Adds $1 Million in Annualized Sales TAMPA, Fla., Oct. 29, 2018 (GLOBE NEWSWIRE) -- MagneGas Applied Technology Solutions, Inc. ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today the completion of an acquisition of an independent industrial gas and welding supply distributor based in Shreveport, Louisiana. This transaction, priced at $1.5 million, paid in cash at closing, expands the Company’s geographic footprint in the northern Louisiana market along a significant industrial corridor, with strong exposure to the oil and gas production and refining markets. This acquisition will also include the Company’s first expansion into the medical gas business. “This acquisition gives us meaningful economies of scale in a very attractive market,” commented Ermanno Santilli, Chief Executive Officer of MagneGas. “Shreveport is an extremely strong market for industrial gases, par
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