CLEVELAND, April 2, 2012 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS) Distribution and Storage Group ("Chart D&S") announced today that base prices on its atmospheric and CO2 bulk tanks, packaged gas transportable products and MicroBulk vessels are being increased. In addition, its packaged gas surcharge schedules continue to be adjusted on a monthly basis.
Tom Carey, President of Chart D&S, stated: "Chart has not had a published base price increase on D&S products since 2008. Total prices during this time period have either been flat or declined through aggressive cost management and sharing of the benefits of ASME Code Case 2596 permitting cold stretching of stationary cryogenic storage tanks. As we move into 2012, all aspects of our product costs, including freight, are escalating." As a result, Chart D&S base pricing will be increased by 5% for atmospheric and CO2 bulk tanks effective for orders placed on or after May 1, 2012. Pricing on packaged gas transportable products and MicroBulk vessels also will be increased then from 3-5% depending on the model. Due to its high utilization of stainless steel, which experiences significant cost volatility, Chart D&S will continue to adjust surcharges applicable to packaged gas equipment monthly.
Chart is a leading independent 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.
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