Chart Industries Acquires Fronti Fabrications For $20M

Chart Industries, Inc. GTLS has acquired Fronti Fabrications, Inc. for $20 million.
Fronti is a specialist in engineering, machining, and welding for the cryogenic and gas industries; and also supplies new build pressure vessels and performs repairs with certification to the American Society of Mechanical Engineers (ASME) code.
The acquisition adds a known team to expand Chart's cold box manufacturing capacity and capability, including work currently underway on Chart hydrogen and helium liquefiers.
Fronti's vacuum cold box fabrication capability and its facility at a critical geographic position for cryogenics allow GTLS to quickly optimize its manufacture under the "One Chart flex manufacturing" umbrella.
Chart Industries held cash and equivalents of $99.9 million as of March 31, 2022.
Price Action: GTLS shares are trading lower by 4.42% at $176.42 on the last check Tuesday.