MagneGas Corporation has created a new wholly-owned subsidiary to carry out the company’s aggressive growth and acquisition strategy.
The newly-formed MagneGas Welding Supply, LLC entity will hold all current and future assets related to the company’s gas and welding supply retail business, including all future industrial gas and welding supply acquisitions and Equipment Sales and Services, Inc. (E.S.S.I.), a welding gas and supply company that the Florida-based business acquired in late 2014.
The creation forms part of MagneGas’ strategy to grow its sales through organic expansion and accretive acquisitions of other welding gas supply companies.
As Scott Mahoney, Chief Financial Officer of MagneGas, clarified, “It has been a clear path to self-sustained organic growth in 2017. We believe the parent organisation is now ready to fully focus on a concrete growth plan using a clearly defined acquisition strategy.”
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