CLEVELAND, May 28, 2014 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq: GTLS ), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, announced today that it has completed its previously announced acquisition of the brazed aluminum heat exchanger ("BAHX") business of Wuxi City Zhongbo Heat Exchanger Co., Ltd. Financial terms of the deal were not disclosed.
The acquired operations will be managed by Chart's Energy & Chemicals segment ("Chart E&C"). Production has started within a new, purpose built BAHX manufacturing and Cold Box fabrication facility in Wuxi, China. Chart E&C's existing Cold Box fabrication facility in Changzhou, China, is in the process of being relocated to the new facility in Wuxi which will open up more capacity for Chart's Distribution & Storage business in Changzhou. Cold Box fabrication will start in the new facility in the second half of 2014.
"This acquisition, along with the recent expansion of our U.S. BAHX manufacturing operation in La Crosse, Wisconsin, forms an integral part of Chart E&C's overall growth strategy," commented Mike Durkin, President of Chart E&C. "I am delighted to have completed both BAHX expansion projects on schedule and look forward to supporting our global customer base with market-leading delivery schedules for both low pressure and high pressure heat exchangers."
"I am very happy to join the Chart family," responded Zhou Bo Wen, General Manager of the new Chart operating company Chart Energy & Chemicals Wuxi Co., Ltd. "The combination of Chart's world-renowned heat exchanger design and manufacturing and the capabilities we have built here in Wuxi since 2006 is a strong platform from which to grow Chart E&C's position in China."
BAHX are integral to cryogenic processing plants around the world for the production and purification of atmospheric gases, such as nitrogen and oxygen, and production of fundamental petrochemicals, such as ethylene and propylene, and the processing and liquefaction of natural gas.
Chart Industries is a worldwide leader in LNG equipment, positioned to address the entire LNG equipment supply chain including small, mid, and global-scale LNG liquefaction plants, complete LNG fueling stations, LNG transport equipment, and on-board LNG vehicle fuel systems. Chart's equipment is used in hundreds of LNG fueling systems and is branded with decades of global experience, quality workmanship and reliable customer service. To learn more, visit www.ChartLNG.com .
Chart is a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe. For more information, visit: www.chartindustries.com .
Ken Webster Vice President, Chief Accounting Officer and Controller 216-626-1216 or Jim Fischman Director of Investor Relations and Financial Planning 216-626-1216
