ATLANTA— Chart Industries, Inc. (“Chart”) (NASDAQ: GTLS) today completed the acquisition of the Theodore, Alabama cryogenic trailer and hydrogen trailer (transport) assets of Worthington Industries, Inc. (NYSE: WOR).
This acquisition includes ownership of the Theodore, Alabama manufacturing site, all trailer-related intellectual property, manufacturing capabilities, equipment and repair backlog. The facility has approximately 300,000 square feet under roof adjacent to the Port of Mobile, and the associated employees will join the Chart team. This acquisition will produce strong synergies by combining Chart’s deep knowledge of cryogenics and liquid hydrogen storage and handling with the Theodore operation’s expertise and experience in the packaging and assembly of liquid hydrogen trailers. The addition of the trailer business to Chart’s hydrogen equipment and solution offering expands our mobile equipment to larger sized transports and brings another location already certified by significant hydrogen customers. Expected Chart hydrogen-related revenue from this facility in 2021 is $15 to $20 million with upside potential to $30 million in 2021.
“Owning this strategically located site near the Port of Mobile will grow our manufacturing capacity for Chart’s LNG products including tender cars for locomotive fueling and onboard storage tanks for marine fueling applications and expand our repair, service and leasing footprint (plenty of products to roll into this site (pun intended!)),” said Jill Evanko, Chart’s CEO & President. “In particular, we will be able to provide expanded options for our North, Latin and Central American customers, including shorter lead-times of our ISO containers for LNG built in our Changzhou, China facility and stored onsite in Alabama.”
Winston & Strawn served as legal advisor to Chart on the transaction.
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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.