Praxair to acquire Houston welding-gas supplier
Praxair has agreed to acquire Houston-based Texas Welders Supply Co. (TWSCO), the companies confirmed on Friday, noting that the deal should close by December 31.
Financial terms of the transaction were not disclosed.
TWSCO, a long-time distributor of Praxair, is the largest independent gas and welding products distributor in the greater Houston area with projected 2011 sales of $56 million and 130 employees.
TWSCO operates from four locations, including a state-of-the-art cylinder filling plant and specialty gas laboratory located in north Houston. The company was formed in 1983 and is majority-owned and controlled by the founding Chenoweth family, it said.
“The Chenoweths have a multi-generational history of building successful industrial gas distributorships in Houston,” said John Panikar, president of Praxair Distribution. “TWSCO represents the culmination of their efforts and is one of the top 15 independent distributors in the country. It has a world class facility and talented people to support growth.”
"Praxair is the best operational and strategic fit for us," said TWSCO president Scott Chenoweth, one of the three majority shareholders.
PDI has a growing packaged gases presence in the Houston area, having acquired another independent distributor, National Alloy, in August 2011.
Houston is among the top five welding markets in the US, the companies said.
“TWSCO’s sales, technical support and related services are directed primarily to the energy sector, which, combined with Praxair’s broader presence serving global refinery and petrochemical customers along the Gulf coast with pipeline and bulk liquid gases, expands Praxair’s capabilities to supply industrial and specialty gases, equipment and services to these customers,” said Panikar.
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