MagneGas Completes Acquisition of One of the Largest Independent Distributors in East Texas
MAGNEGAS (MNGA)
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Source: GlobeNewswire
New Acquisition Adds $3.7 Million in Annualized Sales TAMPA, Fla., Jan. 18, 2019 (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 one of the largest remaining independent industrial gas and welding supply distributors in East Texas. This transaction, priced at $2.5 million, paid in cash at closing, expands the Company’s geographic footprint in the East Texas market, which is home to a large number of industrial and shipping companies, as well as strong exposure to the oil and gas production and refining markets. “With this acquisition, we are reaching significant economies of scale and market dominance in East Texas,” commented Scott Mahoney, Chief Executive Officer of MagneGas. “Together with our prior four acquisitions in the region in 2018, we now operate one of t
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