Featured Company News – Chart Industries Expands Global Footprint with Acquisition of Germany's VCT Vogel
LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Chart Industries, Inc. (NASDAQ: GTLS), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=GTLS. The Company announced on September 01, 2017 that it has acquired Gablingen, Germany based privately owned Company, VCT Vogel GmbH. The acquisition allows Chart Industries to expand its business to markets in Southern Germany, Austria, and Switzerland. The financial details and other terms of the acquisition have not been disclosed. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on the acquisition of VCT Vogel, Hans Lonsain, President - European Distribution & Storage business unit of Chart Industries, said:
"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."
Xaver Vogel, Managing Director of VCT Vogel, added:
"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."
About VCT Vogel
VCT Vogel was founded in 2001 by Xaver Vogel and is a leading German Company that services cryogenic and other mobile gas tank equipment and trucks. It caters to the service and aftermarket business in Germany, Austria, and Switzerland. It has also developed a state-of-the-art truck drive and control technology system for operating cryogenic pumps on trailers, rigid trucks, and containers. For FY17, VCT Vogel expects to have net sales of approximately $4 million. The Company's main revenue is through vehicle servicing and accounts for nearly 55% of the total expected revenues.
Benefits of the acquisition
VCT Vogel is expected to become a part of Chart Industries' Distribution & Storage (D&S) segment once the acquisition is completed. Chart Industries plans to build VCT Vogel as the regional service provider for its Ferox and Flow Instruments products catering to the European markets in future. VCT Vogel is a trusted Company for cryogenic services in Germany, Austria, and Switzerland. The acquisition will allow Chart Industries to expand into these European markets. VCT Vogel is known to fulfill customer needs on short notice while maintaining a high-quality standard and has outstanding technical capabilities in its area of operation. The acquisition will allow Chart Industries to expand and strengthen its service and aftermarket presence in these geographies. VCT Vogel also manufactures the state-of-the-art systems for driving and controlling the cryogenic pump units. The acquisition will allow Chart Industries to access this system and adapt it for its own vehicles. Once the transaction is completed, Xaver Vogel will continue to be associated with the Company.
Chart Industries' growth strategy - Acquisitions
Chart Industries has been making selective and strategic acquisitions to expand and grow its business. In June 2017, Chart Industries acquired Hudson Products Corporation, a leading Company manufacturing air-cooled heat exchangers and axial flow cooling fans used in refining, petrochemical, natural gas, power, and other industrial segments. The $410 million cash deal is expected to add approximately $205 million in net sales in FY17 and result in cost synergies of approximately $7 million within two years after closing the deal.
In January 2017, Chart Industries acquired Hetsco, Inc. through its subsidiary Chart Lifecycle, Inc. for approximately $22 million. Hetsco is a leading Company that offers specialty welding and construction services to the natural gas processing, petrochemical and air gas separation industries. Chart Industries expects that the acquisition of Hetsco will be complementary to its own Lifecycle's business and enhance its ability to deliver turnkey solutions.
About Chart Industries Inc.
Garfield Heights, Ohio based Chart Industries is a leading independent global manufacturer of highly engineered equipment for energy, cryogenic gas delivery, storage, and respiratory healthcare industries globally. The Company's equipment is used in the production, storage, distribution of liquefied natural gas (LNG), and industrial gases. The Company has three main business verticals - Energy & Chemicals, Distribution and Storage, and BioMedical. Chart Industries has presence across the globe in US and in Asia, Australia, Europe, and South America.
Last Close Stock Review
On Friday, September 01, 2017, the stock closed the trading session at $34.39, climbing 1.93% from its previous closing price of $33.74. A total volume of 110.42 thousand shares have exchanged hands. Chart Industries' stock price rallied 2.08% in the last one month and 12.53% in the previous twelve months. The stock is trading at a PE ratio of 92.95 and currently has a market cap of $1.05 billion.
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