Chart Industries is in the midst of transformation, a strategic realignment that has seen it recently acquire the Industrial Air-X-Changers business of Harsco Corporation (closed on 1st July) and dispense of its non-core asset CAIRE Medical, the oxygen-related products business, to Japanese company NGK Spark Plug Co., Ltd.
This realignment visibly began in earnest with the acquisition of Italy-based VRV S.p.A and its subsidiaries back in November 2018. The €125m ($147m) deal is not only a perfect fit in its core cryogenic expertise and products, but was also acknowledged as better balancing Chart’s business segments, providing improved access to high growth markets in India and the Middle East, and expanding Chart’s global manufacturing footprint.
For Jill Evanko (left), President and CEO of Chart since June 2018, the acquisition also represented a significant highlight early on in her tenure and the start of a new dawn in the company’s future direction. She had explained, “We have changed our segmentation. In the prior structure, our segments were not balanced from a revenue perspective with the distribution and storage segment being significantly larger than the others and North American centric. This created missed opportunities regionally.”
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