Chart Industries yesterday said it had completed its €125m (approx. $147m based on current exchange rates) acquisition of VRV and its subsidiaries.

The acquisition, revealed back in September, is expected to add annual net sales of $120m, achieve significant cost synergies relate to operational efficiencies and sourcing and be EPS accretive in the first full year of ownership.

Chart to acquire VRV

Other combination highlights include:

  • Complementary to Chart’s Distribution & Storage and Energy & Chemicals end markets and technologies
  • End market expansion to the “warm” side of energy and petrochemical processing as well expanding our Energy & Chemicals presence within Europe
  • Extends manufacturing footprint and improved port access by adding Italy, India and France production and commercial facilities
  • Expands repair and service offering

Jill Evanko, Chart’s CEO, said, “With the closing of this transaction, we can now rapidly achieve cost and revenue synergies.”

“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.