Chart Buys Germany-based VCT Vogel - Quick Facts

(RTTNews) - Chart Industries, Inc. (GTLS), a manufacturer of highly engineered equipment, announced Friday the acquisition of VCT Vogel GmbH, a German company in cryogenic and other mobile gas tank equipment and trucks.

VCT is expected to generate net sales of approximately $4 million in 2017. Services account for approximately 55% of VCT's sales.

Chart said the acquisition expands and strengthens its service and aftermarket presence in Southern Germany, Austria and Switzerland. It adds highly complementary truck drive systems to Chart's mobile equipment offering.

Following the acquisition, VCT will report through the Distribution & Storage segment within Chart.

VCT's previous major shareholder and Managing Director, Xaver Vogel will stay with the company.

Vogel said, "When I considered an external succession plan for the company, it was very obvious for me that Chart, with its outstanding position in the market for cryogenic equipment and its global footprint, would clearly be the best option for VCT. The opportunity to expand our truck drive and control technology on a more international scope, and expand our service offerings to the European cryogenic industry will greatly enhance our ability to offer valuable solutions to customers all across Europe."