Chart Industries sees Hudson Products acquisition accretive to EPS in 2018
Chart Industries announced that on September 20 it completed the acquisition of Hudson Products for $410M in cash from Riverstone Holdings. The signing of the definitive agreement was previously announced June 30. "Hudson and Chart's innovative, engineering focused cultures will work well together to continue to develop full service solutions," commented Chart's CEO, Bill Johnson. "This acquisition expands our E&C LifeCycle aftermarket presence from $50 million to $125 million in annual revenue." Hudson is expected to generate net sales of approximately $205M in 2017 and EBITDA margin of 20%. Management expects the transaction to be accretive to adjusted earnings per share in 2018. Annual cost synergies of approximately $7M are expected to be realized within 18 months of closing. Hudson will report through Chart's E&C segment.