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Chart acquires Hudson Products

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Hydrocarbon Engineering,

Chart Industries Inc. has completed the acquisition of Hudson Products Corp. for US$410 million in cash from Riverstone Holdings LLC.

The signing of the definitive agreement was previously announced in June 2017.

Founded in 1939, Hudson has an array of strong brands and products used in refining, HVAC, petrochemical, natural gas, power generation, industrial and commercial end markets. Hudson is a North American leader in air-cooled heat exchangers (ACHXs) and a global leader in axial flow cooling fans (fans).

Hudson complements Chart’s Energy & Chemicals (E&C) segment with the addition of its Fin-Fan® brand and other ACHXs, which broaden E&C’s end market diversity from primarily LNG, industrial and natural gas to include HVAC, petrochemical and power generation. The addition of Hudson’s fans business, known by the Tuf-Lite® brand, is a new product category for Chart, and allows E&C to offer a broader technology solution for our customers.

“Hudson and Chart’s innovative, engineering focused cultures will work well together to continue to develop full service solutions,” commented Chart’s CEO, Bill Johnson. “This acquisition expands our E&C LifeCycle aftermarket presence from US$50 million to US$125 million in annual revenue.”

Hudson is expected to generate net sales of approximately US$205 million in 2017 and EBITDA margin of 20%. Management expects the transaction to be accretive to adjusted earnings per share in 2018. Annual cost synergies of approximately US$7 million are expected to be realised within 18 months of closing. Hudson will report through Chart’s E&C segment.

Credit Suisse served as exclusive financial advisor and Jones Day served as legal advisor to Chart.

Goldman Sachs & Co. LLC served as exclusive financial advisor and Latham & Watkins LLP served as legal advisor to Hudson.

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