Chart Industries, Inc (an American manufacturer of cryogenic equipment) has acquired Cryogenic Gas Technologies, Inc (a US Supplier of custom cryogenic processing systems and equipment) for US$ 55 million in cash.
Cryo Technologies provides process systems which are used for various applications such as separation, purification, refrigeration, liquefaction and distribution of industrial gases such as hydrogen, helium etc with design capabilities for cold boxes for hydrogen and helium use. Chart Industries makes cryogenic equipment which is used in the production, storage and distribution of liquefied natural gas (LNG) and industrial gases.
Jill Evanko, Chart’s CEO and President said: “We could not be more excited to welcome Rick and the Cryo Technologies team into the Chart family.” Rick Hessinger founded Cryo Technologies in 1995 and he along with the team will stay with Chart.
Chart said that both businesses have very active commercial order pipelines and there are multiple requests for hydrogen liquefaction and processing. The acquisition will increase capability and capacity for both companies active commercial opportunities (including design and installation).
Cryo Technologies is expected to be immediately accretive to Chart and expected to contribute around US$ 30 million of revenue and US$ 0.15 to US$ 0.20 of non-diluted earnings/share on around 35.5 million weighted shares outstanding to Chart’s 2021 outlook.