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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.