GTLS - Chart Industries scoops up water cleantech company

Chart Industries ([[GTLS]] -0.1%) has acquired BlueInGreen, provider of custom-engineered solutions for water treatment and industrial process applications, in an all-stock deal valued at $20M, plus a potential earn-out of up to $6M.The combination of Chart equipment and BlueInGreen’s technology enables solutions to deliver dissolved oxygen, carbon dioxide and ozone into water results in a full dissolution package for water treatment.Chris Milligan, CEO of BlueInGreen, will run the combined water treatment business", stated Jill Evanko, Chart’s CEO and President.The company expects the acquisition will be immediately accretive, as well as sees revenue of $20M in 2022 at 50% gross margin.Material change on Q4 outlook is not expected as the result of this transaction. But it is updating 2021 outlook to include sales of $1.26-$1.335B with adjusted diluted EPS of $3.10 to $3.45.Conference call will held to discuss this acquisition today at 2:00 P.M ET.

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Chart Industries scoops up water cleantech company