Matheson acquires Continental Carbonic Products
Matheson Tri-Gas, Inc., a global manufacturer and supplier of industrial, medical, electronics and specialty gases and welding supplies headquartered in Basking Ridge, N.J., has announced the completion of the acquisition of Continental Carbonic Products Inc., an Illinois-based manufacturer and supplier of dry ice and liquid carbon dioxide. Matheson is the largest subsidiary of Taiyo Nippon Sanso Corporation (TNSC), which is one of the top five global producers of industrial, medical, electronics and specialty gases and is headquartered in Japan. The acquired business operates 31 branch locations and eight production facilities located throughout the Midwest, Eastern and Southern United States.
Shinji Tanabe, president of TNSC, said, "TNSC has positioned the strengthening of its North American business base as one pillar of its earnings improvement initiatives. To that end, the acquisition of Continental Carbonic supports our strategy."
"Continental Carbonic has a strong history of successful expansion in becoming one of the major U.S. suppliers of dry ice under the leadership of Bob Wiesemann II and his team. Going forward, CCPI presents a tremendous opportunity for Matheson by providing a new platform for growth and extension of our product offering," said Scott Kallman, president and chief executive officer of Matheson. "CCPI will operate as a wholly-owned subsidiary of Matheson with a separate board of directors. John Funk will continue as president for CCPI and will serve on the board of directors along with Bob Wiesemann II and other Matheson representatives."
"While Continental has enjoyed tremendous growth thanks to our dedicated employees and loyal customers, the potential for future growth is even greater. To realize that potential, we believe that Continental needs an ownership structure and the necessary capital and other resources that Matheson is well equipped to provide," stated Bob Wiesemann II, chief executive officer of CCPI.
Source: Matheson Tri-Gas, Inc.