Chart Industries, Inc. Completes the Acquisition of VRV
November 15 2018 - 4:05PM
Chart Industries, Inc. (Nasdaq: GTLS) announced today that it
completed the acquisition of VRV S.r.l. and its subsidiaries
(collectively “VRV”). VRV is a diversified multinational
corporation with highly automated, purpose-built facilities for the
design and manufacture of pressure equipment serving the Cryogenic
and Energy & Petrochemical end markets.
The acquisition is expected to add annual net
sales of $120 million, achieve significant cost synergies related
to operational efficiencies and sourcing, and be EPS accretive in
the first full year of ownership.
Combination Highlights:
- Complementary to Chart’s
Distribution & Storage and Energy & Chemicals end markets
and technologies
- End market expansion to the “warm”
side of energy and petrochemical processing as well expanding our
Energy & Chemicals presence within Europe
- Extends manufacturing footprint and
improved port access by adding Italy, India and France production
and commercial facilities
- Expands repair and service
offering
“With the closing of this transaction, we can
now rapidly achieve cost and revenue synergies,” said Jill Evanko,
Chart’s Chief Executive Officer. “Alessandro and Federico
Spada, former owners who are continuing with the combined business,
bring considerable industry knowledge to their new executive roles
within Chart and will help facilitate a smooth integration.”
Chart expects the divestiture of CAIRE Medical
to close in December 2018.
Credit Suisse served as exclusive financial
advisor and Winston & Strawn LLP and NCTM served as legal
advisors to Chart. Shearman & Sterling, LLP served VRV as
legal advisor.
Certain statements made in this news 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 plans,
objectives, future orders, revenues, margins, earnings or
performance, liquidity and cash flow, capital expenditures,
business trends, 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," or the negative of such terms or comparable
terminology.
Forward-looking statements contained in this
news 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 Chart’s
ability to successfully integrate VRV, achieve anticipated revenue,
earnings and accretion; the risks and uncertainties found in Item
1A (Risk Factors) in the Company’s most recent Annual Report on
Form 10-K filed with the SEC, which should be reviewed carefully,
and risks and uncertainties associated with the ability to close
the divestiture of CAIRE Medical. The Company undertakes no
obligation to update or revise any forward-looking statement.
Chart is a leading diversified global
manufacturer of highly engineered equipment for the industrial gas,
energy, and biomedical industries. The majority of Chart's products
are used throughout the liquid gas supply chain for purification,
liquefaction, distribution, storage and end-use applications, a
large portion of which are energy-related. Chart has domestic
operations located across the United States and an international
presence in Asia, Australia, Europe and Latin America. For more
information, visit: http://www.chartindustries.com.
Contact:
Jillian
Evanko
Chief Executive Officer
630-418-9403
Jillian.Evanko@chartindustries.com
Chart Industries (NASDAQ:GTLS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chart Industries (NASDAQ:GTLS)
Historical Stock Chart
From Apr 2023 to Apr 2024