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Stock impact report

Chart Industries to Acquire Harsco’s Air-X-Changers Business

Chart Industries, Inc. (GTLS) 
Last chart industries, inc. earnings: 4/23 06:00 am Check Earnings Report
Company Research Source: GlobeNewswire
ATLANTA, May 09, 2019 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (“Chart”) (Nasdaq: GTLS) announced today that it has entered into a definitive asset purchase agreement to acquire the Industrial Air-X-Changers business (“Harsco AXC”) of Harsco Corporation (“Harsco”) (NYSE: HSC) for $592 million in cash.  Chart expects to realize $90 million of future tax benefits resulting from the asset purchase structure of the transaction.  Acquisition highlights include: Reinforces our strategic focus on core cryogenic engineering and products for the industrial gas and energy spaces.Provides access to the compression market for air cooled heat exchangers (“ACHX”), completing Chart’s full ACHX offering for both process and compression.Well established presence with blue-chip customers in key upstream and midstream basins across the Lower 48, including a strong presence in the Permian basin. Significant cost synergies of over $20 million expected to be achieved in first 12 months of ownership. Show less Read more
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