Chart Industries Inc. has completed the acquisition of the Theodore, Alabama cryogenic trailer and hydrogen trailer (transport) assets of Worthington Industries Inc.
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 ft2 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 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 the company’s mobile equipment to larger sized transports and brings another location already certified by significant hydrogen customers.
In a statement, Chart said that expected hydrogen-related revenue from this facility in 2021 is US$15 to US$20 million with upside potential to US$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 fuelling and onboard storage tanks for marine fuelling 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.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/14102020/chart-industries-acquires-worthington-industries-cryogenic-trailer-and-hydrogen-trailer-business/
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