LNG

Chart Industries, the US equipment-maker for liquefied natural gas and other clean energy and industrial gases markets, reported a record backlog of more than $4.3 billion as LNG orders continued to flow from North America to China.

Chart Industries, the US LNG equipment-maker and industrial gases market player, has held a formal opening ceremony for a “jumbo” cryogenic tank manufacturing facility in Theodore in the southern US state of Alabama.

This plant is the second built by Chart in Theodore and will manufacture the world’s largest shop-built cryogenic tanks with capacity of up to 1,700 cubic metres.

“The tanks manufactured at this site will be used for propellant storage for the aerospace industry, hydrogen and LNG storage for marine and power, gas by rail and for many other applications in the sciences and decarbonization industries,” explained Chart.

The facility, known by Chart as “Teddy 2”, has direct access to waterways and railways, providing customers with lower freight costs and faster transportation to site.

Jobs creation

Chart added that this expansion also contributes significantly to local job creation and economic development efforts for the state of Alabama.

“We’re thrilled to officially expand our presence in Theodore, Alabama with our ability to offer the world’s only shop-built cryogenic tanks of this scale,” said Jill Evanko, Chart’s Chief Executive and President.

“This expansion further supports our customers through increased capacity and scale as well as lower freight costs and shorter lead times,” Evanko added.

“We look forward to continuing to hire from the strong, skilled workforce in Alabama,” stated the CEO.

Alabama Governor Kay Ivey was a guest at the ribbon- cutting ceremony and praised Chart for its contribution to the further economic development in Mobile County.

“Chart Industries recognizes both the strength of local engineering expertise as well as our advanced manufacturing and workforce capabilities,” Ivey said.

“We’re looking forward to Chart’s expansion in south Alabama, creating new jobs for our region,” the Governor declared.

Maritime and aerospace

Mobile Chamber President and CEO, Bradley Byrne, said he was delighted by the Chart expansion in Theodore.

“With the capacity to fabricate the world's largest shop-built cryogenic tanks, Chart’s Teddy 2 facility brings significant job creation and economic development for Mobile County,” said Byrne.

“Chart's investment not only highlights our skilled workforce, but it positions Mobile as a hub for innovation in aerospace, maritime and the clean energy industries,” Byrne stated,

In its most recent earnings Chart said global end-market demand continued to be strong in 2024.

Atlanta, Georgia-based Chart reported in its fourth-quarter and annual earnings that there were more than $21 billion in identified potential orders in its commercial pipeline for the next three years.

Chart issued the forecasts in the fourth-quarter and annual earnings statement as it also outlined the growing benefits of the takeover of the UK engineering group Howden.
Chart’s earnings statement showed a record fourth-quarter backlog of $4.28Bln, supported by record quarterly orders of $1.21Bln. 

Chart Industries, the LNG equipment and industrial gas technology company, has closed the sale of the subsidiary Cofimco to a London-based private equity firm as divestments continue to pay down debts while Chart will now be a customer of Cofimco.

The purchaser of Cofimco was PX3 Partners in an all-cash transaction for around $80 million.

PX3 Partners said it was pleased to acquire Cofimco, a leading provider of engineered air-moving solutions used in demanding industrial cooling applications.

“The transaction represented the second investment from PX3’s inaugural fund and draws on PX3’s transatlantic reach and global DNA, while leveraging the firm’s proven corporate carve-out skill set,” said the firm.

Bespoke products

Headquartered in Italy, Cofimco is a leading designer, manufacturer and seller of axial cooling fans and related services.

“Its specialised and bespoke products and services are distributed to a global and diversified customer base across more than 60 countries and support their industrial processes with mission critical heat-control solutions, ensuring that they can operate safely and continuously, including by reducing thermal pollution,” explained PX3.

“Cofimco’s products and services are deployed in demanding heat-generating processes in a wide range of end markets, including energy and power generation, heating, ventilation and air conditioning (HVAC), industrials and LNG,” it added.

PX3 said that Cofimco was a trusted and globally recognised brand with proven, patented products and technologies.

The company benefits from a large installed base and a strong aftermarket sales model, with Chart Industries remaining a customer of Cofimco following the transaction.

PX3’s investment in Cofimco aligns closely with the three pillars of its investment strategy.

“Through its customer centricity and energy efficient products, the company benefits from two of the transformative themes that PX3 seeks to underwrite, namely Compete Smarter and Planet First,” it stated.

“Furthermore, it operates in the branded light manufacturing and building tech segments of industrials, two of PX3’s areas of focus,” it added.

Benefits

PX3 said that Cofimco would benefit further from PX3’s global network of deep relationships and its expertise in helping businesses grow internationally across Europe, North America and Asia.

“Following our investment in Filtration, we are excited to announce the acquisition of Cofimco, a global market leader in engineered air moving and cooling solutions,” PX3 concluded.

PX3 stands for “purpose, passion, and performance” and is a pan-European private equity firm that targets companies operating within select segments of the business services, consumer and leisure, and industrials sectors with strong business fundamentals.

“PX3 is committed to supporting Cofimco and its management team to drive transformative growth internationally and operational improvement,” it said.

Chart Industries Inc., the liquefied natural gas equipment-maker and industrial gas and energy technology company, posted solid third-quarter results including record operating income and backlog of orders.

Chart Industries Inc., the liquefied natural gas equipment-maker and industrial gas technology company, posted first-quarter results helped by LNG orders and the signals of strong future results from the acquisition of UK group Howden.

Chart Industries Inc., the LNG equipment-maker and industrial gas technology company, has received a first-quarter 2023 boost as orders increased following its $4.4 billion acquisition of UK engineering firm Howden with both new branches of the company contributing and synergies already emerging.

Chart Industries, the US LNG equipment-maker and industrial gases and clean energy company, reported soaring sales and earnings as well as record orders and a vibrant LNG market as it prepared to close the $4.4 billion take-over of UK engineering company Howden.

Chart Industries, the leading US equipment-maker for LNG and industrial and new energy projects, has signed a memorandum of understanding to supply liquefaction process technology, associated equipment as well as a series of fuelling stations for another US company.

Chart said its deal was with BNG Clean Fuel Corp., a private company focused on the delivery of scalable infrastructure solutions for the production, storage, and delivery of hydrogen fuel to the power, marine, rail, oil and gas, mining and transportation industries,.

“Additionally, the companies will collaborate to develop further industry relationships with customers in the end-use industries described above to utilize BNG’s ‘hub, spoke and wheel model’ facilities for hydrogen production, virtual pipeline networks, bulk cargo shipping, and fuel dispensing stations.

Chart said that while no orders had been booked relating to this MOU or project, they are anticipated to be booked in 2023 and 2024 for both the equipment and process technology scope.

BNG is focused on its their Denver H2 pilot hub with dual-22 ton per day capacity hydrogen liquefaction facilities, a centrally located storage terminal, 10 liquid hydrogen stations, tankers and mobile fuelling equipment which will be provided by Chart.

“BNG is taking a pragmatic approach to scaling of the hydrogen economy, with a focus on the hub and spoke model starting in North America,” stated Jill Evanko, Chart’s Chief Executive and President.

“This MOU brings Chart’s extensive technology and equipment experience to the project. We look forward to supporting BNG’s endeavours to deliver another option to the hydrogen end-use market,” it added.

Eliot Barton, CEO of BNG Clean Fuel which is a privately held Delaware Corporation based in Aurora, said he was pleased with the deal.

“In partnering with Chart Industries, BNG has aligned with a recognized global leader in the manufacturing of the highest-quality equipment in the industry,” said Barton.

“This relationship will help solidify our capitalization efforts and attract additional key partners to ensure the success of our first hydrogen hub and rapidly develop other planned regional markets,” he added.

Dec 9 (LNGJ) - Chart Industries, the US LNG and industrial gas equipment-maker, continued its series of debt and share offerings to fund the previously announced acquisition of UK engineering firm Howden. Chart priced its offering of $1.46 billion of 7.500-percent senior secured notes due 2030 at an issue price of 98.661 percent and $510 million of 9.500-percent unsecured notes due in 2031 at an issue price of 97.949 percent.

   Chart said the offering was expected to close on December 22, 2022, subject to customary closing conditions. “The Notes will be fully and unconditionally guaranteed, jointly and severally, by each of Chart’s wholly owned domestic subsidiaries that guarantee its senior secured credit facilities,” said the Atlanta, Georgia-based company.

Chart Industries, the US LNG equipment-maker and industrial gases and clean energy company, has signed definitive agreements to acquire Howden, a leading UK-based global provider air and gas handling products and services, for a purchase price of $4.4 billion from affiliates of KPS Capital Partners LP.