Chart Industries, Inc. (NYSE: GTLS) has declared that it has acquired Cryogenic Gas Technologies, Inc. (CT) for $55 million in cash. The Cryo Technologies has gained recognition as the prominent leader in engineered process systems to isolate, filter, cool, dissolve and disseminate high value industrial gases such as hydrogen, helium, argon, and hydrocarbons.
The delivery systems Cryo Technologies provides are situated within the helium and hydrogen liquefaction capacities. The president and founder of CT and the skilled team of CT will join with Chart and worked with them in their offices in Pennsylvania.
This acquisition will combine the process technologies of Chart Industries with high class, distinctive cryogenic engineering capabilities, global project knowledge in hydrogen and helium liquefaction.
The integration of Chart and Cryo Technologies provides the market an exceptional one-stop shop for clients who wished to dissolve and market the hydrogen molecule, irrespective of plant power. It also offers help to those clients who need a skilled and dependable equipment and process provider for liquefaction and packing.
Furthermore, CT is anticipated to be instantly profitable to Chart. It is anticipated that CT is likely to increase nearly $30 million of revenue and $0.15 to $0.20 of non-diluted earnings per share on nearly 35.5 million weighted shares outstanding to Chart’s 2021 outlook.
The legal advisor to Chart Industries for this deal was Winston & Strawn LLP. On the other hand, the legal advisor of Cryo Technologies was Mr. Hessinger. Chart Industries revealed that this transaction is very beneficial for the firm as the addition of CT to Chart will increase the firm reach to helium market.