This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chart Industries Acquires Majority Stake Of Nanjing Xinye Electric Engineering Co. Ltd

CLEVELAND, June 27, 2013 (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, industrial gases, and liquefied natural gas ("LNG"), announced today that its wholly owned subsidiary, Chart Asia Investment Co., Ltd. ("Chart Asia") has completed the purchase of an 80% equity interest in Nanjing Xinye Electric Engineering Co. Ltd ("Xinye"). The remaining 20% will be retained by original shareholder Liu Yadong. Xinye will be operated as part of Chart's Distribution & Storage ("Chart D&S") business segment. Financial terms of the all-cash transaction, which were not significant, were not disclosed.

Xinye, located in Nanjing, Jiangsu Province, China, designs, manufactures and sells control systems and dispensers for the LNG, compressed natural gas, and industrial gas industries. It also engages in the design and production of integrated circuit card systems and remote monitoring systems for mobile equipment. The joint venture ("JV") provides Chart localized key dispensing and control technology and increases its penetration into the high growth natural gas markets in the Asian region.

The JV will extend Chart's LNG product offerings in China. "Xinye has been a strategic supplier of LNG dispensers and control systems and the JV solidifies our supply of critical components for a variety of LNG applications beginning with vehicle fueling," stated Tom Carey, President of Chart D&S.

Certain statements made in this news release are or imply forward-looking statements, such as statements concerning Chart's plans, objectives, business trends, and other information that is not historical in nature. These statements are made based on management's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially. These factors and uncertainties include Chart's ability to successfully integrate Xinye's business, cyclicality of product markets, a delay or reduction in customer purchases, fluctuations in energy prices, changes in government energy policy, competition, and economic, political, business and market risks associated with international 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. Chart undertakes no obligation to update or revise any forward-looking statement.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs