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21-09-2017

Chart completes acquisition of Hudson Products

Chart Industries, Inc announced that on September 20, 2017 it completed the acquisition of Hudson Products Corporation for $410 million in cash from Riverstone Holdings LLC. The signing of the definitive agreement was previously announced June 30, 2017.

Founded in 1939, Hudson is a trusted leader in heat transfer solutions with an array of strong brands and products used in refining, HVAC, petrochemical, natural gas, power generation, industrial and commercial end markets. Hudson is a North American leader in air-cooled heat Exchangers and a global leader in axial flow cooling fans. Its installed base of over 20,000 ACHXs and 250,000 fans globally provides stable aftermarket revenue streams, which account for approximately 37% of Hudson’s total net sales.

Hudson complements Chart’s Energy & Chemicals segment with the addition of its Fin-Fan® brand and other ACHXs which broaden E&C’s end market diversity from primarily LNG, industrial and natural gas to include HVAC, petrochemical and power generation. The addition of Hudson’s fans business, known by the Tuf-Lite® brand, is a new product category for Chart, and allows E&C to offer a broader technology solution for our customers.

“Hudson and Chart’s innovative, engineering focused cultures will work well together to continue to develop full service solutions,” commented Chart’s CEO, Bill Johnson. “This acquisition expands our E&C LifeCycle aftermarket presence from $50 million to $125 million in annual revenue.”

Hudson is expected to generate net sales of approximately $205 million in 2017 and EBITDA margin of 20%. Management expects the transaction to be accretive to adjusted earnings per share in 2018. Annual cost synergies of approximately $7 million are expected to be realized within 18 months of closing. Hudson will report through Chart’s E&C segment.

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