NOTE: The Commission issues a complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. To submit a comment electronically, please click on. Comments should be sent to: FTC, Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, DC 20580. The order will be subject to public comment for 30 days, until October 11, 2010, after which the Commission will decide whether to make it final. The Commission vote approving the proposed consent order was 5-0. This would provide the FTC with an opportunity to evaluate the continued availability of acceptable buyers. If Air Products is unable to complete the acquisition by February 15, 2011, the FTC may require Air Products to seek prior approval of a buyer before it could close any transaction. Under the proposed settlement order, Air Products would have to sell these assets to a buyer within four months after it acquires Airgas. As a result of this agreement, Air Products would face the same competition in those areas as it does now. The units to be sold are in Bozrah, Connecticut Carrollton, Kentucky Canton, Ohio Dayton, Ohio New Carlisle, Indiana Madison, Wisconsin Waukesha, Wisconsin Carrollton, Georgia Jefferson, Georgia Gaston, South Carolina (two ASUs) Rock Hill, South Carolina Chester, Virginia Mulberry, Arkansas and Lawton, Oklahoma. The ASUs are used to separate atmospheric air into nitrogen, oxygen, and its other primary components. The settlement agreement is designed to remedy this competitive harm by requiring that, if Air Products succeeds in its hostile takeover, Air Products sell 15 air separation units (ASUs) and related assets that are currently owned and operated by Airgas.
In addition, the proposed transaction would increase the likelihood of collusion or coordinated action among the firms remaining in each market, the FTC contends. regions and likely would allow the combined firm to exercise its market power to set prices for bulk liquid oxygen and bulk liquid nitrogen. Airgas’ board of directors has opposed Air Products’ offer.Īccording to the FTC’s complaint, Air Products’ acquisition of Airgas, as originally proposed, would eliminate direct competition between the two companies in five U.S. On February 11, 2010, Air Products announced its intention to acquire all of the outstanding shares of Airgas under an all-cash tender offer for approximately $7 billion, including assumption of debt. distributor of packaged industrial, medical, and specialty gases and of hardgoods, such as welding equipment and supplies. It operates 16 plants nationwide, most of which are concentrated in the eastern part of the country. Airgas is the fifth-largest industrial gas supplier in the United States. It is the second-largest industrial gas supplier in the United States, with 32 liquid atmospheric gas-producing plants nationwide. The proposed settlement agreement resolves FTC charges that Air Products’ proposed acquisition of Airgas would harm competition in five regional markets for bulk liquid oxygen and bulk liquid nitrogen, which are used in a range of applications from hospital patient care to the manufacture of frozen foods.Īir Products is a global supplier of industrial, medical, and specialty gases used in a variety of industries, including health care, technology, and energy.
has reached an agreement with the Federal Trade Commission that will require the company to sell certain liquid gas assets if it proceeds with its proposed hostile takeover of competitor Airgas, Inc. Industrial gas supplier Air Products and Chemicals, Inc. About the FTC Show/hide About the FTC menu items.News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items.Competition and Consumer Protection Guidance Documents.
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