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NEWS RELEASE Chart Industries Acquires Cryo Technologies 2021-02-16 -- ATLANTA , Feb. 16 , 2021 ( GLOBE NEWSWIRE ) Chart Industries , Inc. ( " Chart " ) ( NYSE : GTLS ) today announced the acquisition of Cryogenic Gas Technologies , Inc. ( " Cryo Technologies " or CT " ) for $ 55 million in cash ( subject to certain customary adjustments ) . Cryo Technologies is a global leader in custom engineered process systems to separate , purify , refrigerate , liquefy and distribute high value industrial gases such as hydrogen , helium , argon and hydrocarbons with design capabilities for cold boxes for hydrogen and helium use . The distribution systems Cryo Technologies supplies are located within the helium and hydrogen liquefaction facilities and are inclusive of trailer loading systems , which facilitates the first step in product distribution . CT Founder and President Rick Hessinger , along with the entire highly skilled CT team ( 270 years of combined cryogenic experience ! ) will stay with Chart and continue to be located in their offices in Allentown , Pennsylvania ( USA ) . " We could not be more excited to welcome Rick and the Cryo Technologies team into the Chart family , " stated Jill Evanko , Chart's CEO and President . " Their world class , differentiated cryogenic engineering expertise , global project experience in hydrogen and helium liquefaction coupled with our process technologies , brazed aluminum heat exchanger and cold box manufacturing capabilities creates the only multi - molecule full - solution liquefaction and equipment offering in the world . " Couple the above complementary nature of the business with the fact that our companies have worked together for 20 years , and immediate and significant synergies exist . Both of our businesses have very active commercial order pipelines and there are multiple requests for hydrogen liquefaction and processing . The combination of our skillsets immediately increases capability and capacity for both CT and Chart's active commercial opportunities ( including design and installation ) . The combination of Chart and Cryo Technologies offers the market a unique one- stop shop for customers who want to liquefy and market the hydrogen molecule , regardless of plant capacity , but need an experienced and reliable equipment and process supplier for liquefaction and storage . Combined , we bring superior technology and fabrication capability in super insulation , vacuum system and helium leak detection , all of which are essential to produce the highest quality and best performing hydrogen and helium liquefaction systems . Additionally , Cryo Technologies ' expertise in helium liquefaction opens up the helium market to us and provides access to large helium liquefaction projects also requiring storage , ISO containers , and transport . 1