This story has been corrected to show that nexAir CEO Kevin McEniry will launch a multi-family office in Memphis.

Memphis-based gas distribution and welding supply company nexAir announced Tuesday that it has reached an agreement to be acquired by Linde Gas & Equipment, and CEO Kevin McEniry will leave the company following the acquisition.

Founded in 1940 as Standard Welders Supply, the company was purchased by the McEniry family in 1950. In 1996 it merged with Mid-South Oxygen to form nexAir, which now employs more than 750 people across more than 70 locations, 18 of which are in Memphis.

“My family, together with all of nexAir’s stakeholders, has built an outstanding company with a proven track record of creating opportunities for our people and life-long customers,” McEniry said in a statement. “We are proud of our 80-year legacy in the atmospheric gases industry and our ability to combine our extensive experience with a modern and innovative approach to business. We are confident in Linde’s commitment to continuing that trajectory and propelling nexAir to new heights of success.”

Linde is headquartered in Danbury, Connecticut.

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After the acquisition, McEniry plans to step down as CEO and launch a multi-family office in Memphis, leaving the company in the hands of President Bill Proctor.

The deal is subject to final approval by Linde's board of directors and the Federal Trade Commission and is expected to close later this year.

Niki Scheinberg is the FedEx and logistics reporter at The Commercial Appeal. She can be reached at monika.scheinberg@commercialappeal.com.

This article originally appeared on Memphis Commercial Appeal: nexAir to be acquired by Linde; CEO Kevin McEniry to leave company