Chart Industries to acquire heat exchangers specialist
Chart Industries has agreed to acquire the heat transfer solutions company, Hudson Products Corporation, majority-owned by funds managed by Riverstone Holdings, for $410 million in cash.
Hudson’s brands and products are used in refining, petrochemical, natural gas, power, and other industrial and commercial end markets. Air-cooled heat exchangers and axial flow cooling fans account for approximately 37 percent of Hudson’s total net sales.
The transaction will be funded by Chart’s available cash on hand and debt under its current credit facility and is expected to close during the third quarter 2017.
Chart’s president and CEO, Bill Johnson, said that the acquisition is “synergistic and consistent” with the company’s growth initiatives.