Chart Strengthens Presence in European DACH Region with Acquisition of VCT Vogel.
M2 EQUITYBITES-September 6, 2017-Chart Strengthens Presence in European DACH Region with Acquisition of VCT Vogel
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6 September 2017 - Ohio, US-based cryogenic equipment manufacturer Chart Industries, Inc. (NASDAQ: GTLS) has acquired vehicle construction and repair services provider VCT Vogel GmbH (VCT), the company said.
Terms of the transaction were not disclosed.
The acquisition expands and strengthens Chart's service and aftermarket presence in Southern Germany, Austria and Switzerland, and adds complementary truck drive systems to Chart's mobile equipment offering. VCT will report through the distribution and storage segment within Chart.
VCT said Chart's position in the cryogenic equipment market offers the opportunity to expand its truck drive and control technology on an international scope, and expand service offerings to the European cryogenic industry.
Chart provides engineered equipment throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications to the industrial gas, energy, and biomedical industries.
Chart has domestic operations located across the US and an international presence in Asia, Australia, Europe and South America.
VCT services cryogenic and other mobile gas tank equipment and trucks, and is a European provider of truck mounted drive and control systems for the operation of cryogenic pumps on trailers, rigid trucks and containers. VCT is expected to generate net sales of approximately USD 4m in 2017.
Services account for approximately 55% of VCT's sales.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 6, 2017|
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