Chart E&C Selected For Natural Gas Liquids Project In Middle East
CLEVELAND, Dec. 6, 2010 (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, today announced that its wholly-owned subsidiary, Chart Energy & Chemicals, Inc. ("Chart E&C"), has been selected by KBR to provide over $20 million in proprietary equipment including brazed aluminum heat exchangers, cold boxes and Core-in-Kettle® exchangers for Saudi Aramco's Shaybah Natural Gas Liquids (NGL) recovery project. All heat exchanger cores will be engineered and built out of Chart E&C's La Crosse, WI facility and shipped to its Gulf Coast facility in New Iberia, LA for assembly into cold boxes. Chart previously disclosed its receipt of the order for this project in October 2010 without providing project information.
Chart E&C has been a key supplier to both KBR and Saudi Aramco, and Shaybah joins a long list of gas processing facilities that utilize Chart E&C's mission critical cryogenic processing equipment. "We are delighted to have been selected to participate in this world scale project and this significant award is testament to Chart's strong reputation for the quality and reliability of our products," stated Mike Durkin, President of Chart E&C.
Certain statements made in this news release are or imply forward-looking statements, such as statements concerning business plans, objectives, market trends, future revenue, performance, and other information that is not historical in nature. These statements are made based on Chart management's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as cyclicality of product markets, a delay or reduction in customer purchases, competition, the negative impacts of the recent global economic and financial crisis, and economic, political, business and market risks associated with global operations. For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart's filings with the U.S. Securities and Exchange Commission, including Item 1A - Risk Factors, of Chart's most recent Annual Report on Form 10-K.
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