NEWS RELEASE CHART ANNOUNCES AN AGREEMENT TO SUPPLY CRYOGENIC RAILCARS TO AIR PRODUCTS Garfield Heights, OH – July 18, 2005 – Chart Industries, Inc. (OTC: CIDI.OB) and Allentown, PA-based Air Products and Chemicals (NYSE: APD) entered into an agreement to supply cryogenic railcars for the distribution of liquid argon. The order will be delivered over the next eighteen months. Neither the quantity nor the value of the order was disclosed. The new high-capacity railcars will allow Air Products and Chemicals (APCI) to increase payloads by as much as 25% over existing fleet units while reducing losses by 15% or more. These new cars are based on Chart's well-established and highly-successful Model SR-386 “No-Loss” tank cars. Albert E. Brandstetter, Atmospheric Product Manager, General Industries Group, APCI, said, "The superior payload and thermal performance of Chart’s railcars significantly improves the economics of moving argon from where it is produced in large quantities to where it is consumed. We look forward to taking advantage of the superior economics of the Chart cars to reduce our distribution costs." Mr. Brandstetter added, "The elimination of losses from railcar distribution of liquid argon is a significant accomplishment and makes these new cars a very attractive addition to our distribution fleet. This is the second argon tank car purchase APCI has made from Chart in the last few years, and it underscores the performance, reliability and value these tank cars add to APCI's argon distribution network." Argon is used in welding, steel manufacturing, chip fabricating and a myriad of other applications. When used to transport argon as a bulk cryogenic liquid, Chart’s Model SR-386 argon tank car offers outstanding payload and thermal insulating performance. Tom Carey, President of Chart's Distribution and Storage Group, commented that, "Prior to 1996, argon shipped in tank cars routinely lost 10 to 25 percent of its payload to the atmosphere. In 1997, Chart introduced a revolutionary argon tank car to the market - one offering more payload and zero losses. Chart’s argon tank car design has produced strong bookings based on its superior performance." Mr. Carey added, "The financial advantages of increased payload (200,000 lbs. of argon) and elimination of product losses make these new cars economically superior to existing cars and renders all pre-1999 argon tank cars economically inferior." Chart’s Distribution and Storage Group also offers its Model SR-603 tank car for shipping liquid ethylene and liquefied natural gas by rail. The Model SR-603 offers the largest payload allowed by the U.S. Department of Transportation for these flammable cryogenic liquids. About Air Products and Chemicals About Chart Industries Contact:
For additional information regarding these or other Chart press releases, please contact our Corporate Executive Offices at 440-753-1490. |
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