Chart Industries, Inc. has acquired VCT Vogel GmbH, German servicer of cryogenic mobile gas tank equipment and trucks, and European leader in truck mounted drive and control systems for the operation of cryogenic pumps on trailers, rigid trucks and containers.
The acquisition expands and strengthens Chart’s service and aftermarket presence in Southern Germany, Austria and Switzerland. In addition, VCT’s truck drive systems will be added to Chart’s mobile equipment offering. VCT will operate through Chart’s Distribution & Storage (D&S) segment.
Hans Lonsain, Chart’s European Distribution & Storage business unit president, commented, “VCT is a market leading company for cryogenic services in Germany, Austria and Switzerland with a proven competence to fulfill customer needs on short notice while maintaining a high-quality standard. It has an excellent reputation for outstanding technical capabilities throughout the markets it serves. In addition to its service offering, VCT manufactures state-of-the-art systems that are needed to drive and control cryogenic pump units. We are impressed by the long-term customer relationships VCT has built based on its technical competence, problem-solving capabilities and hands-on, extremely professional approach. Both VCT’s services and its product range are a great complement to Chart’s existing European offering. In the future, VCT will become a regional service provider for Chart Ferox and Flow Instruments products. We are very excited to welcome the VCT employees to Chart.”
VCT’s previous major shareholder and Managing Director, Xaver Vogel, who will stay with the company, explained, “When I considered an external succession plan for the company, it was very obvious for me that Chart, with its outstanding position in the market for cryogenic equipment and its global footprint, would clearly be the best option for VCT. The opportunity to expand our truck drive and control technology on a more international scope, and expand our service offerings to the European cryogenic industry will greatly enhance our ability to offer valuable solutions to customers all across Europe.”
VCT is expected to generate net sales of approximately $4m in 2017. Services account for approximately 55% of VCT’s sales.