Chart Industries, Inc. recently announced that its subsidiary, Chart Lifecycle, Inc. has acquired Hetsco, Inc. for approximately $22m.
The Hetsco and Chart Lifecycle combined business will focus on extending equipment lifespan by offering services from installation to start-up, operations and maintenance, training and support, monitoring, process optimisation, repair, maintenance and extended warranty.
gasworld spoke exclusively to Sam Thigpen, President of Chart Lifecycle, regarding the relationship of the two companies and the emergence of the Chart lifecycle ‘master brand’.
Congratulations on another successful acquisition! What does this deal mean for Chart?
By combining Chart’s expertise and resources with Hetsco’s we expand and improve our capabilities for a truly global 24/7 response, especially with regard to aluminium plate fin heat exchangers, which are highly specialised pieces of equipment whose operation is paramount to cryogenic gas processing.
What do these agreements mean for the market?
Chart and Hetsco have a long association of working together on plant installations and emergency repairs so customers are already well acquainted with both organisations. Through Chart Lifecycle we are putting the emphasis on prevention rather than cure but equipment does fail and, when that happens, we need to react. Hetsco also bring with them other skills and experience that will assist Chart in our development of preventative maintenance programs and the execution and management of installations.
Our goal has always been to offer a service that is both unique and unparalleled in the market, hence we always knew we’d need Hetsco’s capabilities. The acquisition secures those services and also makes it completely seamless from the customer’s perspective.
What steps will now be taken to integrate Hetsco into the company?
We are delighted that employees of both Hetsco and Chart Lifecycle have embraced this acquisition and I’d like to place, on record, my thanks to them for their on-going assistance in facilitating a smooth transition. As you’d expect, we’re also talking to customers and our message to them is very much ‘business as usual’ but with added exciting opportunities. Our intention is to focus on Chart Lifecycle, which will emerge as the master brand through our communications.
What platforms do these acquisitions give Hetsco as we begin a new year?
Chart only launched Chart Lifecycle a little over 12 months ago and despite the much publicised downturn in the core energy markets, we have been busy from day one and have developed the business significantly in a relatively short space of time. Essentially Chart Lifecycle is focused on plant optimisation, efficiency and performance and operators are always looking to maximise operating margins, especially when revenues are squeezed.