Chart Industries Inc, a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, has announced that Chart Ferox has acquired Flow Instruments & Engineering GmbH (Flow) in an all-cash transaction with further details not disclosed.
Flow, a closely held company based in Solingen, Germany, manufactures cryogenic flow meter systems for industrial gases and liquefied petroleum gas, distribution equipment for transport of CO2 and other gases, and provides calibration services, with 2007 sales of approximately $9m.
“We are very enthusiastic about the acquisition of Flow, which allows us to expand our product offering to customers through our global sales network,” stated Hans Lonsain, Chairman and Managing Director of Chart Ferox.
“Flow is located next to our existing operation in Solingen, which should make it convenient for our management teams to work closely together.”
The company’s wholly owned subsidiary in the Czech Republic will include Flow in its 2008 updated earnings outlook when first quarter earnings are released.
Sam Thomas, Chart's Chairman, President and Chief Executive Officer, stated,
“The Flow acquisition fits nicely into our overall growth strategy as a niche engineered equipment and aftermarket business that is expected to be immediately accretive to earnings. It is also beneficial that we were able to use our available Euro holdings to fund this strategic investment.”