Chart Industries acquires Harsco’s AXC for USD592 M

Chart Industries, Inc. has announced recently that it has entered into a definitive asset purchase agreement to acquire the Industrial Air-X-Changers business of Harsco Corporation for USD592 M in cash. Chart expects to realize USD90 M of future tax benefits resulting from the asset purchase structure of the transaction.

Harsco AXC is expected to generate net sales of approximately USD260 M in the full year 2019 and 23% EBITDA margin as a percentage of sales. Over 90% of the remaining Harsco AXC 2019 forecast is already in the backlog. With 10% aftermarket sales, positive CAGR across the cycle (5.4% 2009-2018), and positive momentum currently in the compression market, it expects continued growth for Harsco AXC in upcoming years.

The addition of Harsco AXC enables Chart’s newest segment, E&C FinFans, to concentrate on its unique and broad product offering and capabilities in air-cooled heat exchangers and fans. This segment will be comprised of the Hudson Products businesses, Harsco AXC, and Chart Cooler Services. All products and services will continue to be offered to the customers as full solutions through the global commercial team, regardless of the manufacturing segment.

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