CLEVELAND, Oct. 31, 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 and industrial gases, announced today that it has entered into an agreement with Wuxi City Zhongbo Heat Exchanger Co., Ltd., to acquire the company's brazed aluminum heat exchanger ("BAHX") business. Financial terms of the agreement were not disclosed.
The acquired operations will be managed by Chart's Energy & Chemicals segment ("Chart E&C"). The agreement includes the construction of a new, purpose built BAHX manufacturing and Cold Box fabrication facility in Wuxi, China. Chart E&C's existing Cold Box fabrication facility in Changzhou, China, will be integrated into the new facility in Wuxi, which will open up more capacity for Chart's D&S LNG business in Changzhou.
As previously announced, Chart is also expanding manufacturing capacity at its BAHX operations in La Crosse, Wisconsin, increasing capacity in North America by 40%. La Crosse will remain the design and manufacturing headquarters of global BAHX operations. Both expansion projects are expected to be completed in the first half of 2014."These capacity expansions form an integral part of Chart E&C's overall growth strategy," commented Mike Durkin, President of Chart E&C. "They will help Chart meet global demand for both low pressure and high pressure brazed aluminium heat exchangers, furthering our ability to support our global customer base across all industry sectors with market-leading delivery schedules. With new personnel being recruited at both locations, there are benefits for the respective local economies." BAHX are integral to cryogenic processing plants around the world for the production and purification of atmospheric gases, such as nitrogen and oxygen, and production of fundamental petrochemicals, such as ethylene and propylene, and the processing and liquefaction of natural gas.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV