ATLANTA, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq: GTLS) announced today that it completed the acquisition of VRV S.r.l. and its subsidiaries. VRV is a diversified multinational corporation with highly automated, purpose-built facilities for the design and manufacture of pressure equipment serving the Cryogenic and Energy & Petrochemical end markets.
The acquisition is expected to add annual net sales of $120 million, achieve significant cost synergies related to operational efficiencies and sourcing, and be EPS accretive in the first full year of ownership.
Combination Highlights:
- Complementary to Chart’s Distribution & Storage and Energy & Chemicals end markets and technologies
- End market expansion to the “warm” side of energy and petrochemical processing as well expanding our Energy & Chemicals presence within Europe
- Extends manufacturing footprint and improved port access by adding Italy, India and France production and commercial facilities
- Expands repair and service offering
“With the closing of this transaction, we can now rapidly achieve cost and revenue synergies,” said Jill Evanko, Chart’s Chief Executive Officer. “Alessandro and Federico Spada, former owners who are continuing with the combined business, bring considerable industry knowledge to their new executive roles within Chart and will help facilitate a smooth integration.”
Chart expects the divestiture of CAIRE Medical to close in December 2018.
Credit Suisse served as exclusive financial advisor and Winston & Strawn LLP and NCTM served as legal advisors to Chart. Shearman & Sterling, LLP served VRV as legal advisor.
