CLEVELAND, Oct. 5, 2011 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today announced that its Distribution & Storage Group ("Chart D&S") is expanding manufacturing capacity for liquefied natural gas ("LNG") equipment to meet growing LNG infrastructure demand in North America. Chart plans to begin with a first phase investment in the fourth quarter 2011 of approximately $4 million at a site to be located in the Upper Midwest Region of the United States, where Chart has existing production locations. Site selection for a leased facility is nearing completion, and the additional capacity is expected to be ready to fulfill customer orders before the end of this year.
"We are expanding capacity to meet current customer needs and to remain ready to serve the rapid growth we are seeing in North America for LNG equipment for applications such as fueling stations, transportation and remote power generation," stated Tom Carey, President of Chart D&S. "We believe we are in the early stages of a substantial LNG infrastructure build-out in North America that we expect will last for many years, similar to opportunities we are pursuing in China and elsewhere," Carey continued.
Certain statements made in this news release are or imply forward-looking statements, such as statements concerning business plans, objectives, market trends, future orders, revenue, performance, and other information that is not historical in nature. These statements are made based on Chart's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as cyclicality of product markets and vulnerability of markets to economic downturns, a delay or reduction in customer purchases, competition, fluctuations in energy prices or changes in government energy policy, management of fixed-price contract exposure, modification or cancellation of customer contracts, and Chart's ability to successfully manage its costs and growth, including its ability to successfully manage operational expansions. For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart's filings with the U.S. Securities and Exchange Commission, including Item 1A - Risk Factors, of Chart's most recent Annual Report on Form 10-K.
Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe. For more information, visit: http://www.chart-ind.com.
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