Chart Industries Inc. has completed the acquisition of the Microbulk cryogenic tank intellectual property, equipment, and other assets from IC Biomedical (ICB), a private entity.
Chart acquired the business from IC Biomedical upon ICB’s acquisition of these assets and the cryobiological assets of Worthington Industries. ICB will focus on its cryobio life science business, and in turn, sold Chart the Microbulk cryogenic tank business, originally developed by the former Taylor-Wharton.
This acquisition expands Chart’s distribution and storage cryogenic tank product offering for both industrial gas majors and independent distributors, and also provides for an ongoing supply arrangement to provide Microbulk products to IC Biomedical for its non-cryobiological equipment needs. The acquisition also adds a unique, highly engineered food processing tank to Chart’s specialty product offering.
“The addition of the former Worthington Taylor-Wharton microbulk tanks to our product offering is another step in our strategy to add complementary equipment to our core, unique cryogenic capabilities,” stated Jill Evanko, Chart Industries CEO and President. “Additionally, it adds another highly engineered specialty product to support our customers in their desire for a one-stop shop, expanding the breadth of our offering on many long-term agreements.”
This bolt-on will bring revenue synergies and was acquired with asset values higher than the purchase price at a pro-forma mid-single digit EBITDA multiple, post synergies. This acquisition does not change Chart’s previously provided 2020 guidance or 2021 outlook.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/04112020/chart-acquires-microbulk-cryogenic-tank-business/