NEWS RELEASE CHART INDUSTRIES ACQUIRES LEADING AIR COOLED HEAT EXCHANGER MANUFACTURER, COOLER SERVICE COMPANY, INC Garfield Heights, OH – June 2, 2006 – Chart Industries, Inc has completed the purchase of Tulsa, Oklahoma-based Cooler Service Company, Inc. ("CSC"). CSC provides a wide range of air cooled heat exchangers into multiple markets including Hydrocarbon, Petrochemical and Industrial Gas Processing. Chart Industries plans to include the CSC business in its Energy and Chemicals Group ("Chart E&C"). "The addition of CSC further strengthens our ability to provide packaged solutions to our current and future energy and chemical customers" stated John Romain, President of Chart E&C. Mr. Romain went on to say, "integrating the design capabilities of CSC into the Chart E&C team will help us continue to develop new and innovative solutions for customers in our markets. Our ability to incorporate additional proven heat transfer technology into our portfolio creates significant value for our customers by providing a single point of contact for many of their process needs." Wayne Pyle, current owner of CSC, will remain with the company after the acquisition as President of the Air Cooler business, which will be a part of Chart E&C. "Given the strength of Chart E&C’s position in the market and its financial resources, CSC should be able to continue to increase capacity to meet customer requirements," stated Mr. Pyle. He went on to say, "leveraging the global market position of Chart E&C products should allow CSC to expand its customer base both domestically and internationally. Chart E&C’s reputation of meeting customer demands, combined with CSC’s team, provides the basis for continued growth in capacity and customer service that both companies’ customers have come to expect." Chart E&C plans to continue operations at CSC’s facilities in Tulsa and to utilize its existing broad manufacturing base, including the recently added Chart E&C fabrication capacity in Houston, Texas, to meet customer needs. Chart E&C already provides industry leading brazed aluminum heat exchangers, core in kettle exchangers, cold boxes, vacuum insulated piping and process plant design engineering services for the production of ethylene, LNG, industrial gas, nitrogen rejection units (NRU) and many other heat transfer applications. Chart Industries, Inc. 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 Industries’ 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 Industries has domestic operations located in eight states and an international presence in Australia, China, the Czech Republic, Germany and the United Kingdom. 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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