Chart Industries Inc. has announced that it has completed the acquisition of VRV S.r.l. and its subsidiaries (collectively VRV).
VRV is a diversified multinational corporation with highly automated, purpose-built facilities for the design and manufacture of pressure equipment serving the cryogenic, energy and petrochemical end markets.
Chart expects the acquisition to add annual net sales of US$120 million, achieve significant cost synergies related to operational efficiencies and sourcing, and be EPS accretive in the first full year of ownership.
It is Chart’s belief that the acquisition complements the company’s distribution and storage, as well as energy and chemicals end markets and technologies. The acquisition will enable end market expansion to the ‘warm’ side of energy and petrochemical processing, and expand the company’s Energy & Chemicals presence within Europe. It also extends manufacturing footprint and improved port access by adding Italy, India and France production and commercial facilities. Finally, the deal expands Chart’s repair and service offering.
“With the closing of this transaction, we can now rapidly achieve cost and revenue synergies,” said Jill Evanko, Chart’s Chief Executive Officer. “Alessandro and Federico Spada, former owners who are continuing with the combined business, bring considerable industry knowledge to their new executive roles within Chart and will help facilitate a smooth integration.” Chart expects the divestiture of CAIRE Medical to close in December 2018.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/16112018/chart-acquires-vrv/
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