Two Major Equipment Companies Join Forces in Massive Deal
Chart Industries (GTLS) and Flowserve (FLS) announced a huge $19 billion merger on Wednesday. Both companies make industrial equipment and machinery for factories and processing plants.
This all-stock deal creates one of the biggest industrial equipment companies in America. Chart shareholders will own 53.5% of the new company, while Flowserve shareholders get 46.5%. The merged company will have a new name and be led by Flowserve CEO Scott Rowe, with Chart CEO Jill Evanko as chairman.
Stock prices jumped after the news. Chart Industries stock rose 4.16% and Flowserve gained 2.23% during regular trading. However, Chart dropped 2.3% in pre-market trading while Flowserve fell 1%.
The industrial sector is seeing lots of merger activity this year, with $172 billion in deals announced. Companies are combining to become stronger and more competitive. The Chart-Flowserve merger should complete by late 2024, pending approvals from shareholders and government regulators.
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