CLEVELAND, Aug. 3, 2010 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS) announced that its Distribution and Storage Group ("Chart D&S") has completed the acquisition of Cryotech International (formally known as VBS International). The acquisition includes all products and services sold under Cryotech's global brand. Financial terms of the transaction were not disclosed.
Cryotech, headquartered in San Jose, CA, designs, manufactures, sells, and services cryogenic injectors, vacuum insulated piping systems, and manifolds, and also repairs liquid cylinders. Cryotech sells its products globally and industry applications include food and beverage packaging, aerospace and defense, semiconductor, pharmaceutical, biotechnology, solar and electronics. Cryotech's sales have ranged from $10 million to $15 million annually over the last three years.
"Cryotech has excellent sales and service capability in a region in which we are interested in expanding our presence. Cryotech's products and customer list are an exciting addition to the Chart D&S portfolio. We look forward to including our comprehensive array of bulk and MicroBulk storage products in Cryotech's liquid nitrogen ("LN2") dosing solutions," stated Tom Carey, President of Chart D&S.
Gary Sandercock, President of Cryotech International, commented, "Chart Industries is the leading manufacturer of LN2 storage solutions that will complement our cryogenic dispensing equipment to create complete turnkey systems. Chart's global presence will facilitate continued geographic expansion of Cryotech's position in food and beverage packaging."
Certain statements made in this news release are or imply forward-looking statements, such as statements concerning Chart's plans, objectives, future revenues, business trends, and other information that is not historical in nature. These statements are made based on management's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially. These factors and uncertainties include Chart's ability to successfully integrate Cryotech's business, cyclicality of product markets, a delay or reduction in customer purchases, competition, the negative impacts of the recent global economic crisis, and economic, political, business and market risks associated with global operations. 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 on Chart visit: http://www.chart-ind.com and for Cryotech visit http://www.cryotechinternational.com
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