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Chart Lifecycle Acquires Welding, Construction Services Firm Hetsco.

M2 EQUITYBITES-January 20, 2017-Chart Lifecycle Acquires Welding, Construction Services Firm Hetsco

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20 January 2017 - Cleveland, Ohio-based Chart Industries, Inc. (NASDAQ: GTLS) subsidiary, Chart Lifecycle, Inc. has acquired Franklin, IN-based welding and construction services company Hetsco, Inc., from Global Power Equipment Group, Inc. (OTC: GLPW) to focus on extending equipment lifespan, the company said.

Chart said it acquired Hetsco for approximately USD 22m in cash.

Global Power said it plans to use the cash received in the transaction to reduce debt.

Chart said the acquisition supplements its current offering by bringing a suite of welding services for industrial gas and gas processing facilities, including mission critical repair, specialty maintenance, construction/fabrication and safety services, with a focus on brazed aluminium heat exchangers.

Hetsco provides emergency, specialty welding and construction services to the natural gas processing, petrochemical and air gas separation industries, and has completed site repairs in 44 states and in 35 countries.

Chart is an independent global manufacturer of equipment for the industrial gas, energy and biomedical industries. The company has domestic operations located across the United States and an international presence in Asia, Australia, Europe and South America.

Global Power Equipment Group is a design, engineering and manufacturing firm providing equipment and services to the global power infrastructure, energy and process industries.

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Date:Jan 20, 2017
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