Chart Industries has completed the $4.4bn acquisition of air and gas handling products and service provider Howden.
The acquisition has allowed Chart to gain immediate access to new customers and commercial opportunities, increasing its geographical footprint to over 35 countries.
As a result of these gains, Chart is on track to meet or exceed its previously announced targets for $175m of annualised cost synergies and $150m of commercial synergies in the first year of ownership.
The combination of Chart and Howden also provides access to new specialty products and ESG-linked end markets such as nuclear, energy recovery and electrification.
Jill Evanko, President and CEO of Chart, said that since the company first announced the combination in November 2022, it has received a number of inbounds from customers that can already see the combined benefits.
Read more: Chart Industries inks $4.4bn deal to acquire Howden
“We look forward to the combined business executing on record momentum and well-define synergies,” Evanko adds.
The new Chart executive management team will include a balance of Chart and legacy Howden executives. Chart will continue to operate under its “One Chart” commercial and engineering structures.
Based in the UK, Howden manufactures highly engineered fans, compressors, rotary heat exchangers, steam turbines, and other air and gas handling products, services, and solutions, from affiliates of KPS Capital Partners, LP.
Gross order intake for Howden in the fourth quarter 2022 was $534m, a new record high, and for the full year the gross order intake was $2,064m. Notable is the continued strength in renewable hydrogen with orders up 47% for the full year. Backlog as of 31st December 2022 for Howden was $1.3bn.
