Chart Acquires VCT Vogel
(Thomson Reuters ONE) -
ATLANTA, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Chart Industries, Inc. ("Chart")
(Nasdaq:GTLS) announced today the acquisition of VCT Vogel GmbH ("VCT").
Founded in 2001, VCT is a trusted German leader servicing cryogenic and other
mobile gas tank equipment and trucks, and is a European leader in truck mounted
drive and control systems for the operation of cryogenic pumps on trailers,
rigid trucks and containers. VCT is expected to generate net sales of
approximately $4 million in 2017. Services account for approximately 55% of
VCT's sales.
The acquisition expands and strengthens Chart's service and aftermarket presence
in Southern Germany, Austria and Switzerland, and adds highly complementary
truck drive systems to Chart's mobile equipment offering. It will report
through the Distribution & Storage ("D&S") segment within Chart.
Hans Lonsain, Chart's European Distribution & Storage business unit president,
commented, "VCT is a market leading company for cryogenic services in Germany,
Austria and Switzerland with a proven competence to fulfill customer needs on
short notice while maintaining a high quality standard. It has an excellent
reputation for outstanding technical capabilities throughout the markets it
serves. In addition to its service offering, VCT manufactures state-of-the-art
systems that are needed to drive and control cryogenic pump units. We are
impressed by the long-term customer relationships VCT has built based on its
technical competence, problem-solving capabilities and hands-on, extremely
professional approach. Both VCT's services and its product range are a great
complement to Chart's existing European offering. In the future, VCT will
become a regional service provider for Chart Ferox and Flow Instruments
products. We are very excited to welcome the VCT employees to Chart."
VCT's previous major shareholder and Managing Director, Xaver Vogel, who will
stay with the company, explained, "When I considered an external succession plan
for the company, it was very obvious for me that Chart, with its outstanding
position in the market for cryogenic equipment and its global footprint, would
clearly be the best option for VCT. The opportunity to expand our truck drive
and control technology on a more international scope, and expand our service
offerings to the European cryogenic industry will greatly enhance our ability to
offer valuable solutions to customers all across Europe."
Certain statements made in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning Chart's plans,
objectives, future orders, revenues, earnings or performance, liquidity and cash
flow, capital expenditures, business trends, and other information that is not
historical in nature. Forward-looking statements may be identified by
terminology such as "may," "will," "should," "could," "expects," "anticipates,"
"believes," "projects," "forecasts," "outlook," "guidance," "continue," or the
negative of such terms or comparable terminology.
Forward-looking statements contained in this press release or in other
statements made by Chart are made based on management's expectations and beliefs
concerning future events impacting Chart and are subject to uncertainties and
factors relating to Chart's operations and business environment, all of which
are difficult to predict and many of which are beyond Chart's control, that
could cause Chart's actual results to differ materially from those matters
expressed or implied by forward-looking statements. Factors that could cause
Chart's actual results to differ materially from those described in the forward-
looking statements include those found in Item 1A (Risk Factors) in Chart's most
recent Annual Report on Form 10-K filed with the SEC, which should be reviewed
carefully. Chart undertakes no obligation to update or revise any forward-
looking statement.
Chart is a leading independent global manufacturer of highly engineered
equipment for the industrial gas, energy, and biomedical industries. The
majority of Chart's products are used throughout the liquid gas supply chain for
purification, liquefaction, distribution, storage and end-use applications, a
large portion of which are energy-related. Chart has domestic operations
located across the United States and an international presence in Asia,
Australia, Europe and South America. For more information,
visit: http://www.chartindustries.com.
Contact:
Jillian Evanko
Vice President, Chief Financial Officer and Treasurer
(770) 721-7739
Jillian.Evanko(at)chartindustries.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Chart Industries, Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 01.09.2017 - 06:01 Uhr
Sprache: Deutsch
News-ID 558509
Anzahl Zeichen: 5826
contact information:
Town:
Garfield Heights
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 255 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Chart Acquires VCT Vogel"
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Chart Industries, Inc. (Nachricht senden)
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