Chart Industries Acquires Worthington Industries’ Cryogenic Trailer and Hydrogen Trailer Business
October 13 2020 - 11:30AM
Chart Industries, Inc. (“Chart”) (NASDAQ: GTLS) today completed the
acquisition of the Theodore, Alabama cryogenic trailer and hydrogen
trailer (transport) assets of Worthington Industries, Inc. (NYSE:
WOR). This acquisition includes ownership of the Theodore,
Alabama manufacturing site, all trailer-related intellectual
property, manufacturing capabilities, equipment and repair backlog.
The facility has approximately 300,000 square feet under roof
adjacent to the Port of Mobile, and the associated employees will
join the Chart team. This acquisition will produce strong
synergies by combining Chart’s deep knowledge of cryogenics and
liquid hydrogen storage and handling with the Theodore operation’s
expertise and experience in the packaging and assembly of liquid
hydrogen trailers. The addition of the trailer business to Chart’s
hydrogen equipment and solution offering expands our mobile
equipment to larger sized transports and brings another location
already certified by significant hydrogen customers.
Expected Chart hydrogen-related revenue from this facility in 2021
is $15 to $20 million with upside potential to $30 million in 2021.
“Owning this strategically located site near the
Port of Mobile will grow our manufacturing capacity for Chart’s LNG
products including tender cars for locomotive fueling and onboard
storage tanks for marine fueling applications and expand our
repair, service and leasing footprint (plenty of products to roll
into this site (pun intended!)),” said Jill Evanko, Chart’s CEO
& President. “In particular, we will be able to
provide expanded options for our North, Latin and Central American
customers, including shorter lead-times of our ISO containers for
LNG built in our Changzhou, China facility and stored onsite in
Alabama.”
Winston & Strawn served as legal advisor to
Chart on the transaction.
About Chart Industries,
Inc.
Chart Industries, Inc. is a leading independent
global manufacturer of highly engineered equipment servicing
multiple applications in the Energy and Industrial Gas
markets. Our unique product portfolio is used in every phase
of the liquid gas supply chain, including upfront engineering,
service and repair. Being at the forefront of the clean
energy transition, Chart is a leading provider of technology,
equipment and services related to liquefied natural gas, hydrogen,
biogas and CO2 Capture amongst other applications. We are committed
to excellence in environmental, social and corporate governance
(ESG) issues both for our company as well as our customers.
With over 25 global locations from the United States to Asia,
Australia, India, Europe and South America, we maintain
accountability and transparency to our team members, suppliers,
customers and communities. To learn more, visit
www.Chartindustries.com.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning the Company’s business
plans, including statements regarding completed acquisitions, cost
synergies and efficiency savings, objectives, future orders,
revenues, margins, earnings or performance, liquidity and cash
flow, capital expenditures, business trends, governmental
initiatives, including executive orders and other information that
is not historical in nature. Forward-looking statements may
be identified by terminology such as "may," "will," "should,"
"could," "expects," "anticipates," "believes," "projects,"
"forecasts," “outlook,” “guidance,” "continue," “target,” or the
negative of such terms or comparable terminology.
Forward-looking statements contained in this
press release or in other statements made by the Company are made
based on management's expectations and beliefs concerning future
events impacting the Company and are subject to uncertainties and
factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of
which are beyond the Company's control, that could cause the
Company's actual results to differ materially from those matters
expressed or implied by forward-looking statements. Factors
that could cause the Company’s actual results to differ materially
from those described in the forward-looking statements
include: the Company’s ability to successfully integrate
recent acquisitions and achieve the anticipated revenue, earnings,
accretion and other benefits from these acquisitions; risks
relating to the recent outbreak and continued uncertainty
associated with the coronavirus (COVID-19) and the other factors
discussed in Item 1A (Risk Factors) in the Company’s most recent
Annual Report on Form 10-K filed with the SEC and Quarterly Reports
on Form 10-Q, which should be reviewed carefully. The Company
undertakes no obligation to update or revise any forward-looking
statement.
For more information, click here:
http://ir.chartindustries.com/
Investor
Relations Contact: |
Wade Suki, CFA |
Director of Investor Relations |
832-524-7489 |
wade.suki@chartindustries.com |
Worthington Enterprises (NYSE:WOR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Worthington Enterprises (NYSE:WOR)
Historical Stock Chart
From Sep 2023 to Sep 2024