Chart Industries, Inc. has entered into a definitive agreement to acquire vaporiser manufacturer Thermax, Inc.
Thermax will be operated as part of Chart's Distribution & Storage (Chart D&S) business segment.
Thermax, headquartered in Dartmouth, Massachusetts, is a provider of cryogenic fluid vaporisers used in industrial gas, petrochemical, and LNG applications. The company’s product portfolio spans a range of ambient and powered vaporiser solutions.
Commenting on the acquisition, Tom Carey, President of Chart D&S, said: "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 vaporiser portfolio complements our storage products and facilitates providing complete system solutions.
"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."
Bob Bernert, President of Thermax, 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.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01062015/chart-to-purchase-vaporiser-manufacturer-859/