Chart Industries Acquires the former Worthington Taylor-Wharton Microbulk Cryogenic Tank Business
03 Novembre 2020 - 3:00PM
Chart Industries, Inc. (“Chart”) (NASDAQ: GTLS) completed the
acquisition of the Microbulk cryogenic tank intellectual property,
equipment, and other assets from IC Biomedical (“ICB”), a private
entity on November 2, 2020. Chart acquired the business from IC
Biomedical upon ICB’s acquisition of these assets and the
cryobiological assets of Worthington Industries. ICB will focus on
their cryobio life science business, and in turn, sold us the
Microbulk cryogenic tank business, originally developed by the
former Taylor-Wharton. This acquisition expands our Distribution
& Storage cryogenic tank product offering for both industrial
gas majors and independent distributors, and also provides for an
ongoing supply arrangement to provide Microbulk products to IC
Biomedical for their non-cryobiological equipment needs.
Additionally, the acquisition adds a unique, highly engineered food
processing tank to our specialty product offering. These tanks are
used in food plants to inject liquid nitrogen into the blending
process of chicken nuggets (Jill’s all-time favorite food!).
“The addition of the former Worthington
Taylor-Wharton microbulk tanks to our product offering is another
step in our strategy to add complementary equipment to our core,
unique cryogenic capabilities,” stated Jill Evanko, Chart
Industries CEO and President. “Additionally, it adds another highly
engineered specialty product to support our customers in their
desire for a one-stop shop, expanding the breadth of our offering
on many long-term agreements.”
This bolt-on will bring revenue synergies and
was acquired with asset values higher than the purchase price at a
pro-forma mid-single digit EBITDA multiple, post synergies. This
acquisition does not change our previously provided 2020 guidance
or 2021 outlook.
Chart’s CEO and President, Jill Evanko, will be
taking questions about this acquisition on a conference call today,
November 3, 2020 at 2:00pm eastern time. The conference call can be
accessed by dialing 877-312-9395 and entering ID 1283039. A replay
will be available beginning November 3, 2020 from 4:30pm eastern
time until November 10, 2020 at 4:30pm eastern time and can be
accessed by dialing 404-537-3406 and entering ID 1283039.
About Chart Industries,
Inc.
Chart Industries, Inc. is a leading independent
global manufacturer of highly engineered equipment servicing
multiple applications in the Energy and Industrial Gas
markets. Our unique product portfolio is used in every phase
of the liquid gas supply chain, including upfront engineering,
service and repair. Being at the forefront of the clean energy
transition, Chart is a leading provider of technology, equipment
and services related to liquefied natural gas, hydrogen, biogas and
CO2 Capture amongst other applications. We are committed to
excellence in environmental, social and corporate governance (ESG)
issues both for our company as well as our customers. With over 25
global locations from the United States to Asia, Australia, India,
Europe and South America, we maintain accountability and
transparency to our team members, suppliers, customers and
communities. To learn more, visit
www.Chartindustries.com.
For more information, click here:
http://ir.chartindustries.com/
Investor Relations
Contact:
Wade Suki, CFA |
Director of Investor
Relations |
832-524-7489 |
wade.suki@chartindustries.com |
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