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Airgas, Inc.’s Board of Directors voted unanimously to reject the revised unsolicited tender offer from Air Products & Chemicals, Inc. to acquire all outstanding common shares of Airgas at a price of $63.50 per share in cash. The Board unanimously recommends that Airgas stockholders not tender their shares into Air Products' offer.

Airgas Chairman and Chief Executive Officer Peter McCausland says, “Our Board believes that recent events validate its original recommendation and strengthen its conviction that Airgas will generate more value for Airgas stockholders by executing its strategic plan than by pursuing the revised Air Products tender offer.

“In this regard, in the quarter ended June 30, 2010, Airgas recorded adjusted earnings per share of $0.83, the second-best earnings quarter in company history, and achieved operating margins near record levels. Importantly, Airgas achieved these results despite revenues that have not yet returned to pre-recessionary levels. In addition, for the quarter ending June 30, 2010, Airgas recorded same-store year over year sales growth of 6%, which is the first positive same-store year over year result since the quarter ending December 31, 2008.”

McCausland continues, “As a result of this performance and the improved outlook, Airgas raised its full-year fiscal 2011 earnings guidance from a range of $2.95 to $3.05 to a new range of $3.15 to $3.30, representing 18% to 23% growth over fiscal year 2010 adjusted earnings. Further, the increasing momentum Airgas is seeing reinforces our Board's confidence in our calendar 2012 earnings goal of at least $4.20 per share.”

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