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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):
July 28, 1997
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.)
259 Radnor-Chester Road, Suite 100
Radnor, PA 19087
_______________________________________
(Address of principal executive offices)
Registrant's telephone number, including area code: (610) 687-5253
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Item 5. Other Events.
____________
On July 28, 1997, Airgas, Inc. reported that it has reached a comprehensive
settlement with all of the defendants in the refrigerant gas litigation, as
described in the press release attached as Exhibit 99 and incorporated herein
by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
__________________________________________________________________
(a) None
(b) None
(c) Exhibits.
99 Press release dated July 28, 1997
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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/ Gordon L. Keen, Jr.
___________________________
Sr. Vice President - Law
& Corporate Development
DATED: July 28, 1997
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For More Information:
James N. Borum
Todd R. Craun
(610) 687-5253
AIRGAS, INC. ANNOUNCES RECOVERY OF $20 MILLION
FROM DEFENDANTS IN REFRIGERANT LITIGATION
RADNOR, Pennsylvania, July 28, l997 -- Airgas, Inc. (NYSE-ARG) today
announced it has reached a comprehensive settlement with all of the defendants
in the litigation brought by Airgas under federal and state RICO statutes in
federal court in Georgia seeking recovery of losses Airgas incurred in certain
refrigerant gas transactions late last year. Under the terms of the
settlement, the defendants have agreed to pay Airgas approximately $20 million
to compensate Airgas for most of the loss it recognized with a pre-tax charge
in the fourth quarter of its fiscal year ended March 31, 1997. The settlement,
which requires court approval in bankruptcy proceedings for two of the
defendants, will result in a suspension of the trial scheduled to begin on
August 4, 1997. Airgas said it is pressing forward with its insurers to
recover the balance of its losses and the related extra expenses.
"We are very pleased to have achieved this substantial recovery only seven
months after announcing we had been victimized and five months after commencing
litigation," said Peter McCausland, Chairman and Chief Executive Officer of
Airgas. "This recovery reflects the tireless efforts of the Airgas team and
our legal counsel to recover the entire amount we are owed. We hope we can
quickly settle with our insurers on the balance of our loss so that we can put
this matter completely behind us as soon as possible."
Airgas, Inc. is the largest distributor of industrial, medical and
specialty gases and related equipment in North America. Its distributor
network includes approximately 640 locations in 41 states, Canada and Mexico.
Airgas can be visited via the Internet at http://www.airgas.com.
Forward-Looking Statements
This press release may contain statements that are forward-looking, as
that term is defined by the Private Securities Litigation Reform Act of 1995 or
by the Securities and Exchange Commission in its rules, regulations and
releases. The Company intends that such forward-looking statements be subject
to the safe harbors created thereby. All forward-looking statements are based
on current expectations regarding court approval in the bankruptcy proceedings
for two of the defendants. Accordingly, actual results may differ materially
from those expressed in the forward-looking statements, and the making of
such statements should not be regarded as a representation by the Company or
any other person that the results expressed therein will be achieved.
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