CLEVELAND, April 4, 2011 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS) announced that its wholly-owned subsidiary, Chart Inc. ("Chart"), has completed the acquisition of Clever Fellows Innovation Consortium ("CFIC"). Financial terms of the all-cash transaction were not disclosed.
CFIC, based in Troy, NY, develops and manufactures thermoacoustic technology products for cryogenic, heat transfer and related applications. Thermoacoustic technology converts acoustic sound waves into energy to heat or cool products. CFIC's products include cryocoolers, power transducers and cryodrives for the medical, military and natural gas processing industries. CFIC will operate as part of Chart's BioMedical business segment.
CFIC is expected to add revenue of approximately two million dollars and will be neutral to Chart's 2011 earnings. The acquisition provides synergistic opportunities for Chart to enhance its world-leading technology for cryogenic applications and grow sales in new product lines.
"Acquiring CFIC allows Chart to deploy thermoacoustic technology to enhance BioMedical's global product portfolio," stated Steve Shaw, President of Chart BioMedical. "We are pleased to be able to provide our customers with highly innovative products and service worldwide."
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, costs, performance, 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 CFIC's business, cyclicality of product markets, a delay or reduction in customer purchases, competition, the future financial performance of CFIC, changes in government health care regulations and reimbursement policies, Chart's successful technical innovation in its product lines, 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: . To sign up for Chart's e-mail list: .
For more information on CFIC visit: .
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