Chart Industries, Inc. announced today that it has entered into a definitive agreement to acquire vaporizer manufacturer Thermax, Inc. Terms of the transaction were not disclosed.
Thermax, headquartered in Dartmouth, Massachusetts, with current annual revenue of approximately $25 million, is a leading provider of cryogenic fluid vaporizers utilized in industrial gas, petro-chemical, and liquefied natural gas applications. The product portfolio spans a broad set of ambient and powered vaporizer solutions. Thermax differentiates itself from other manufacturers via superior engineering capabilities to take projects from concept to innovative designs for trouble-free operation. Thermax’s international presence includes business in the United Kingdom, China, and Indonesia.
“We are pleased to welcome Thermax into the Chart D&S family. The vast majority of cryogenic installations have a gaseous end use requirement. Having a comprehensive vaporizer portfolio complements our storage products and facilitates providing complete system solutions,” commented Tom Carey, President of Chart D&S. He continued, “Thermax’s excellence in cryogenic engineering and customer service is a great cultural fit with Chart’s core values. We are delighted that Bob Bernert, President of Thermax, his management team, and all current employees are expected to remain with the business to ensure continuity.”
Mr. Bernert added, “Thermax has partnered with Chart for many years. My management team and I view this transaction as an extension of that partnership and a great opportunity to reach new customers and new markets faster than on our own. This acquisition creates growth opportunities for Thermax that are very exciting for all of us.”
The transaction is expected to be completed in the next 60 days after satisfaction of customary closing conditions. Chart expects the acquisition to be accretive to future earnings within the first twelve months.