Exhibit 4.8

EXECUTION COPY

$175,000,000

THERMADYNE HOLDINGS CORPORATION

91/4% Senior Subordinated Notes Due 2014

PURCHASE AGREEMENT

January 29, 2004

CREDIT
SUISSE FIRST BOSTON LLC
(as Representative of the several Purchasers)
    c/o Credit Suisse First Boston LLC
        Eleven Madison Avenue
        New York, N.Y. 10010-3629

Ladies
and Gentlemen:

1.Introductory.Thermadyne Holdings Corporation, a Delaware corporation (the
"Company"), proposes, subject to the terms and conditions stated herein, to issue and sell to the several initial purchasers named in
Schedule A hereto (the "Purchasers") U.S.$175,000,000 principal amount of its 91/4% Senior
Subordinated Notes Due 2014 ("Offered Securities") to be issued under an indenture, dated as of February 5, 2004 (the
"Indenture"), between the Company and U.S. Bank National Association, as Trustee. The Offered Securities will be guaranteed (the
"Subsidiary Guarantees") on a senior subordinated basis by each of the Company's U.S. subsidiaries listed on
Schedule B hereto (each a "Guarantor" and collectively, the
"Guarantors"). The United States Securities Act of 1933 is herein referred to as the "Securities Act".

The
holders of the Offered Securities will be entitled to the benefits of a Registration Rights Agreement dated the Closing Date (as defined below) among the Company, the Guarantors and
the Purchasers (the "Registration Rights Agreement"), pursuant to which the Company agrees to file a registration statement with the Securities
Exchange Commission (the "Commission") registering the resale of the Offered Securities under the Securities Act.

On
the Closing Date (as defined below), the Company will, simultaneously with the purchase, sale and delivery of the Offered Securities, amend and restate the Credit Agreement dated as
of May 23, 2003, among the Company, the Guarantors, the lenders named therein and General Electric Capital Corporation, as agent and lender (as amended and restated, the
"Amended and Restated Credit Agreement"), and borrow $20 million under the new term loan facility thereunder (the "New
Term Loan Facility"). The Company will apply the proceeds from the purchase, sale and delivery of the Offered Securities, together with borrowings under the New Term Loan
Facility, to the prepayment in full of all borrowings outstanding under the existing term loan facility (the "Existing Term Loan Facility") pursuant to
the Credit and Guaranty Agreement, dated as of May 23, 2003 (the "Credit and Guaranty Agreement"), among the Company, the Guarantors, the lenders
named therein and Deutsche Bank Trust Company Americas, as administrative agent and collateral agent (the "Agent"). Contemporaneously with the purchase,
sale and delivery of the Offered Securities, the Company will (i) deliver to the Agent an irrevocable notice of full prepayment of the Existing Term Loan Facility and (ii) wire transfer,
to the account of the Agent designated for such purpose, the cash proceeds realized from the issuance of the Offered Securities together with borrowings under the New Term Loan Facility in a sum
sufficient to prepay in full the Existing Term Loan Facility. These transactions are more fully described in the Offering Document (as defined below).

The
Company and the Guarantors hereby agree with the several Purchasers as follows:

2.Representations and Warranties of the Company and the Guarantors.The Company and each Guarantor, jointly and
severally, represents and warrants to, and agrees with, the several Purchasers that:



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3.Purchase, Sale and Delivery of Offered Securities.On the basis of the representations, warranties and
agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to sell to the Purchasers, and the Purchasers agree, severally and not jointly, to purchase
from the Company, at a purchase price of 97.625% of the principal amount thereof plus accrued interest from February 5, 2004 to the Closing Date (as hereinafter defined), the respective
principal amounts of Offered Securities set forth opposite the names of the several Purchasers in Schedule A hereto.

The
Company will deliver against payment of the purchase price the Offered Securities in the form of one or more permanent global Securities in definitive form (the
"Global Securities") deposited with the Trustee as custodian for The Depository Trust Company ("DTC")
and registered in the name of Cede & Co., as nominee for DTC. Interests in any permanent global Securities will be held only in book-entry form through DTC, except in the limited
circumstances described in the Offering Document. Payment for the Offered Securities shall be made by the Purchasers in Federal (same day) funds by official check or checks or wire transfer to an
account at a bank acceptable to CSFB drawn to the order of the Company at the office of Cravath, Swaine & Moore LLP at 9:00 A.M. (New York time), on February 5, 2004, or at such
other time not later than seven full business days thereafter as CSFB and the Company determine, such time being herein referred to as the "Closing
Date", against delivery to the Trustee as custodian for DTC of the Global Securities representing all of the Offered Securities. The Global Securities will be made available
for checking at the above office at least 24 hours prior to the Closing Date.

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4.Representations by Purchasers; Resale by Purchasers.(a) Each Purchaser severally represents and
warrants to the Company that it is an "accredited investor" within the meaning of Regulation D under the Securities Act.



5.Certain Agreements of the Company.The Company agrees with the several Purchasers that:



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6.Conditions of the Obligations of the Purchasers.The obligations of the several Purchasers to purchase and
pay for the Offered Securities will be subject to the accuracy of the representations and warranties on the part of the Company and the Guarantors herein, to the accuracy of the statements of officers
of the Company and each Guarantor made pursuant to the provisions hereof, to the performance by the Company and each Guarantor of its obligations hereunder and to the following additional conditions
precedent:



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The
Company will furnish the Purchasers with such conformed copies of such opinions, certificates, letters and documents as the Purchasers reasonably request. CSFB may in its sole
discretion waive on behalf of the Purchasers compliance with any conditions to the obligations of the Purchaser hereunder.

7.Indemnification and Contribution.(a) The Company will indemnify and hold harmless each Purchaser,
its partners, directors and officers and each person, if any, who controls such Purchaser within the meaning of Section 15 of the Securities Act, against any losses, claims, damages or
liabilities, joint or several, to which such Purchaser may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Offering Document, or any amendment or supplement thereto, or
any related preliminary offering circular Exchange Act Reports, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, including any losses, claims, damages or liabilities arising out of or based upon the Company's
failure to perform its obligations under Section 5(a) of this Agreement, and will reimburse each Purchaser for any legal or other expenses reasonably incurred by such Purchaser in connection
with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the Company will not be liable in any such case to the extent
that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance
upon and in conformity with written information furnished to the Company by any Purchaser through CSFB specifically for use therein, it being understood and agreed that the only such information
consists of the information described as such in subsection (b) below.



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8.Default of Purchasers.If any Purchaser or Purchasers default in their obligations to purchase Offered
Securities hereunder and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the total principal
amount of Offered Securities, CSFB may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if no such
arrangements are made by such Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered
Securities that such defaulting Purchasers agreed but failed to purchase. If any Purchaser

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or
Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total principal amount of Offered Securities
and arrangements satisfactory to CSFB and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default, this Agreement will terminate
without liability on the part of any non-defaulting Purchaser or the Company, except as provided in Section 9. As used in this Agreement, the term "Purchaser" includes any person
substituted for a Purchaser under this Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.

9.Survival of Certain Representations and Obligations.The respective indemnities, agreements, representations,
warranties and other statements of the Company or its officers and of the several Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any
investigation, or statement as to the results thereof, made by or on behalf of any Purchaser, the Company or any of their respective representatives, officers or directors or any controlling person,
and will survive delivery of and payment for the Offered Securities. If this Agreement is terminated pursuant to Section 8 or if for any reason the purchase of the Offered Securities by the
Purchasers is not consummated, the Company shall remain responsible for the expenses to be paid or reimbursed by it pursuant to Section 5 and the respective obligations of the Company and the
Purchasers pursuant to Section 7 shall remain in effect. If the purchase of the Offered Securities by the Purchasers is not consummated for any reason other than solely because of the
termination of this Agreement pursuant to Section 8 or the occurrence of any event specified in clause (iii), (iv), (v), (vi) or (vii) of Section 6(b), the Company
will reimburse the Purchasers for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the
Offered Securities.

10.Notices.All communications hereunder will be in writing and, if sent to the Purchasers will be mailed,
delivered or telegraphed and confirmed to the Purchasers, c/o Credit Suisse First Boston LLC, Eleven Madison Avenue, New York, N.Y. 10010-3629, Attention: Transactions Advisory Group, or,
if sent to the Company, will be mailed, delivered or telegraphed and confirmed to it at Thermadyne Holdings Corporation, 16052 Swingley Road, Suite 300, Chesterfield, MO 63017, Attention: General
Counsel; provided, however, that any notice to a Purchaser pursuant to Section 7 will be mailed, delivered or telegraphed and confirmed to such Purchaser.

11.Successors.This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors and the controlling persons referred to in Section 7, and no other person will have any right
or obligation hereunder, except that holders of Offered Securities shall be entitled to enforce the agreements for their benefit contained in the second and third sentences of Section 5(b)
hereof against the Company as if such holders were parties thereto.

12.Representation of Purchasers.You will act for the several Purchasers in connection with this purchase, and
any action under this Agreement taken by you will be binding upon all the Purchasers.

13.Counterparts.This Agreement may be executed in any number of counterparts, each of which shall be deemed to
be an original, but all such counterparts shall together constitute one and the same Agreement.

14.Applicable Law.This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of laws.

The
Company and the Guarantors hereby submit to the non-exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York in any suit
or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

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If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all
counterparts, will become a binding agreement among the several Purchasers, the Company and the Guarantors in accordance with its terms.

| |  | Very truly yours,              
| |  | -------------------------------
| |  | THERMADYNE HOLDINGS CORPORATION
| |  | By:                            
| |  | C&G SYSTEMS, INC.              
| |  | By:                            
| |  | C&G SYSTEMS HOLDING, INC.      
| |  | By:                            
| |  | MECO HOLDING COMPANY           
| |  | By:                            
| |  | PROTIP CORPORATION             
| |  | By:                            
| |  | STOODY COMPANY                 
| |  | By:                            

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| |  | THERMADYNE INDUSTRIES, INC.   
| |  | ------------------------------
| |  | By:                           
| |  | THERMADYNE INTERNATIONAL CORP.
| |  | By:                           
| |  | THERMADYNE RECEIVABLES INC.   
| |  | By:                           
| |  | THERMAL ARC, INC.             
| |  | By:                           
| |  | THERMAL DYNAMICS CORPORATION  
| |  | By:                           
| |  | TWECO PRODUCTS, INC.          
| |  | By:                           
| |  | VICTOR EQUIPMENT COMPANY      
| |  | By:                           

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The
foregoing Purchase Agreement
is hereby confirmed and accepted
as of the date first above written.

Acting
on behalf of itself
and as the Representative of
the several Purchasers.

| |  | CREDIT SUISSE FIRST BOSTON LLC | 
| |  | ------------------------------ | 
| |  | By:                            | 
| |  |                                | 
| |  |                                | 

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SCHEDULE A

Purchaser

Principal Amount of
Offered SecuritiesCredit Suisse First Boston LLC

$
105,000,000Lehman Brothers Inc.


70,000,000Total

$
175,000,000


A-1

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SCHEDULE B

C&G
Systems, Inc., an Illinois corporation

C&G
Systems Holding, Inc., a Delaware corporation

MECO
Holding Company, a Delaware corporation

PROtip
Corporation, a Missouri corporation

Stoody
Company, a Delaware corporation

Thermadyne
Industries, Inc., a Delaware corporation

Thermadyne
International Corp., a Delaware corporation

Thermadyne
Receivables Inc., a Delaware corporation

Thermal
Arc, Inc., a Delaware corporation

Thermal
Dynamics Corporation, a Delaware corporation

Tweco
Products, Inc., a Delaware corporation

Victor
Equipment Company, a Delaware corporation

B-1

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SCHEDULE C

BBM
Srl
Via Rio Fabbiani, 8
40067 Rastignano
Bologna, Italy

C&G
Systems, Inc.
1401 Glenlake
Itaska, IL 60143

C&G
Systems Holding, Inc.
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

Canadian
Cylinder Company
2220 Wyecroft Road
Oakville, Ontario
Canada L6L 5V6

Cigweld
Pty Ltd.
85 Chifley Drive
Preston Victoria, 3072
Australia

Comet
Property Holdings Limited
Accra Bldg. 122 Gamboa Street
Lagaspi Village
Makati City, Philippines

Commercialization
Metalservice Service Ltda.
Piloto Lazo #90 Cerillos
Santiago, Chile

Comweld
Malaysia Sdn. Bhd.
Lot 151, Rawang Integrated Industrial Park
Jalan Batu Arang
48000 Rawang
Selangor Darul Ehsan
West Malaysia

Comweld
(Philippines) Inc.
85 Chifley Drive
Preston Victoria 3072
Australia

Duxtech
Pty Ltd.
85 Chifley Drive
Preston Victoria 3072
Australia

GENSET
SpA
Thermadyne Italia S.P.A. fka PALCO, Italia S.P.A.
Via Stazione 5
Villanova d'Ardenghi
Pavia 27030 Italy

Maxweld &
Braze Pty. Ltd.
9 First Street
Boksburg North
Boksburg, South Africa
Stand #471 B14

C-1

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MECO
Holding Company
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

O.C.I.M.
S.r.l.
Via Benaco, 3
S. Giuliano Milanese (MI)
Milan, Italy 20098

Palco
Trading Company
P.O. Box 34 - 35
Dubal, UAE

Philippine
Welding Equipment, Inc.
Ground Floor, PWE Bldg.
North Road Jagobiao
Mandaue City
Cebu, Philippines

ProTip
Corporation
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

PT
Comweld Indonesia
Kawasan Industri Jababeka
JI Jababeka VI Block P No. 3
Cikarang, Bekasi 17550
Indonesia

PT
Thermadyne Utama Indonesia (f/k/a PT Kawasan Industri Jababeka)
JI Jababeka VI Block P No. 3
Cikarang, Bekasi 17550
Indonesia

Quetack
Pty Ltd.
85 Chifley Drive
Preston Victoria 3072
Australia

Quetala
Pty Ltd.
85 Chifley Drive
Preston Victoria 3072
Australia

Quetala
Unit Trust
85 Chifley Drive
Preston Victoria 3072
Australia

Soldaduras
Soltec Ltda.
Piloto Lazo #90 Cerrillos
Santiago 7278654 Chile

Stoody
Company
5557 Nashville Road
Bowling Green, KY 42101

TEC.MO.
Control S.r.l.
Via Rio Fabbiani, 8
40067 Rastignano
Bologna, Italy

C-2

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TEC.MO.
S.r.l.
Via Rio Fabbiani, 8
40067 Rastignano
Bologna, Italy

Thermadyne
Asia/Pacific PTE Ltd.
UE Tech Park #02-03
8 Pandane Crescent
Singapore 128464

Thermadyne
Asia SDN BHD (Malaysia)
Lot 151, Rawang Integrated Industrial Park
Jalan Batu Arang
48000 Rawang
Selangor Darul Ehsan
West Malaysia

Thermadyne
Australia Pty Ltd.
85 Chifley Drive
Preston Victoria 3072
Australia

Thermadyne
Brazil Holdings, Ltd.
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

Thermadyne
Chile Holdings, Ltd.
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

Thermadyne
Cylinder Co.
2220 Wyecroft Road
Oakville, Ontario
Canada L6L 5V6

Thermadyne
de Mexico S.A. de C.V.
Francisco del Paso y Troncoso 869
Col Los Reyes
Mexico City, Mexico 08620

Thermadyne
do Brasil Ltda
Rau Marechal Deodro 597
Vila Paulo Apto 121
Sao Caetano Do Suls 09541300

Thermadyne
Foreign Sales Corporation (Barbados)
c/o Price Waterhouse Corporate Services
Price Waterhouse Centre
Collymore Road, St. Michael, Barbados

Thermadyne
Industries, Inc.
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

Thermadyne
Industries Limited (UK)
Europa Building
3 Chorley North Industrial Park
Chorley Lancashire PR6 7BX England

Thermadyne
International Corp.
2070 Wyecroft Road
Oakville, Ontario
Canada L6L 5V6

C-3

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Thermadyne
Italia SRL
Via Gb Stucchi 66120A
Monza, Italy 20052

Thermadyne
Hong Kong Limited
3rd Floor Block G Marigold Garden
12-14 Marigold Road
Kowloon
Hong Kong

Thermadyne
Japan Ltd.
4-3-18-201 Zuiko Higashi
Yodogawa-Ka
Osaka, Japan 533-0005

Thermadyne
Korea, Ltd.
Lot 151, Rawang Integrated Industrial Park
Jalan Batu Arang
48000 Rawang
Selangor Darul Ehsan
Malaysia

Thermadyne
Receivables, Inc.
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

Thermadyne
South Africa (Pty) Ltd.
Dba Unique Welding Alloys
9 First Street
Boksburg North
Boksburg, South Africa
Stand #471 B14

Thermadyne
South America Holdings, Ltd.
E&Y Corporate Services Ltd.
One Capital Place PO Box 1034
George Town Grand Cayman
Cayman Island

Thermadyne
(Thailand) Co. Ltd.
Piansri Wattana Bldg. 29/9 Moo 14
Banga-Trad Road Rm 6 Bangkaew
Bangplee Samutprakarn Thailand 10540

Thermadyne
Victor Ltd.
Avenida Brazil 13629
Rio de Janeiro RJ 21012 - 351
Brazil

Thermadyne
Welding Products Canada, Ltd.
2070 Wyecroft Road
Oakville, Ontario
Canada L6L 5V6

Thermal
Arc, Inc.
2200 Corporate Drive
Troy, OH 45373

Thermal
Arc Philippines Inc.
Ground Floor, PWE Building 
North Road, Jagobiao
Mandaue City 6014
Cebu Philippines

C-4

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Thermal
Dynamics Corporation
Industrial Part #2
West Lebanon, NH 03784

Thermal
Dynamics Europe Srl
Thermal Dynamics Corporation
Industrial Part #2
West Lebanon, NH 03784

Tweco
de Mexico SA de C.V.
Jesus Siqueiros 652
Col. Alvaro Obregon
Hermosillo Sonora, Mexico 83170

TWECO
Products, Inc.
4200 West Harry
Wichita, KS 67209

Victor
Equipment Company
2800 Old Airport Road
Denton, TX 76205

Victor
Equipment de Mexico, S.A. de C.V.
Jesus Siqueiros #652
Colonia Alvaro Obregon
Hermosillo, Sonora, Mexico, 83170

C-5

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