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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
December 23, 1996
AIRGAS, INC.
______________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-9344 56-0732648
_______________ _______________________ _____________
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification
incorporation) No.)
100 Matsonford Road, Suite 550
Radnor, PA 19087
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(Address of principal executive offices)
Registrant's telephone number, including area code: (610) 687-5253
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Item 5. Other Events.
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On December 23, 1996, Airgas, Inc. (the "Company") issued a press release
reporting a fraudulent breach of contract by a third-party supplier of certain
gas products.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
__________________________________________________________________
(a) None
(b) None
(c) Exhibits.
99 Press Release dated December 23, 1996
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Signatures
__________
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AIRGAS, INC.
BY: /s/ Jeffrey P. Cornwell
_______________________
(Jeffrey P. Cornwell)
Vice President - Finance and
Corporate Controller
DATED: December 23, 1996
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For more information:
James N. Borum
Scott Melman
(610) 687-5253
AIRGAS REPORTS FRAUDULENT BREACH OF
CONTRACT BY SUPPLIER
Radnor, PA, December 23, 1996 -- Airgas, Inc. (NYSE:ARG) said today it
believes it has been the victim of a fraudulent breach of contract by a third
party supplier. Airgas said it is pursuing various civil and criminal
remedies in connection with this matter. The contract, which Airgas entered
into in late November, related to Airgas purchase of certain gas products for
resale to Airgas customers. The amount paid in connection with these
purchases was approximately $23 million. As of today, Airgas cannot locate all
of the product purchased and paid for, and an Airgas customer claims that some
of the product does not meet specifications.
Airgas has also reported the third-party activities to its insurers and
intends to submit claims under policies which were obtained in connection with
this contract. Airgas stated that, although it is probable that it will suffer
a loss as a result of this fraud, at this time it is unable to calculate the
amount of such loss. Airgas is vigorously pursuing the return of the payments
and other available remedies.
This purchase contract was isolated to one small part of Airgas
business and does not affect the company's core business of industrial,
medical and specialty gases or our growth initiatives in the industrial
distribution and carbon dioxide areas, said Peter McCausland, Chairman and
Chief Executive Officer of Airgas. We are vigorously pursuing all remedies.
The statements in this press release relating to matters that are not
historical are forward-looking statements. Important factors that could cause
actual results to differ materially from those contained in any
forward-looking statement are described in the Company's reports, including
the Form 8-K, dated May 7, 1996, filed by Airgas with the Securities and
Exchange Commission. Airgas does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of Airgas.
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