Baker Hughes completes Chart Industries acquisition

A Chart Industries brazed aluminum heat exchanger. Baker Hughes said it has completed the acquisition of Chart Industries. (Image: Baker Hughes)

Baker Hughes has completed its acquisition of Chart Industries, advancing a strategic expansion into industrial energy infrastructure and strengthening its portfolio across LNG, gas infrastructure, carbon capture and other energy transition markets.

The transaction establishes Chart as a new reporting segment within Baker Hughes, adding thermal management, air and gas handling, and lifecycle service capabilities to the company’s existing energy technology portfolio.

Chart generated $4.3 billion in revenue during fiscal 2025 and serves customers in more than 50 countries across sectors including LNG, gas infrastructure, nuclear energy, carbon capture and storage (CCS), geothermal, data centers and aerospace.

“The acquisition of Chart marks a significant step in our portfolio strategy,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy.”

Broader portfolio for gas and LNG markets

The acquisition adds several well-established oil and gas brands to the Baker Hughes portfolio, including Howden, a supplier of compressors, blowers and rotating equipment used in natural gas processing, LNG and hydrogen applications; Air-X-Changers, a manufacturer of air-cooled heat exchangers widely used in gas processing and compression facilities; Cryo Technologies, which supplies LNG fueling and cryogenic systems; Process Systems, which designs modular gas processing, liquefaction and separation plants; and Hudson Products, a leading supplier of air-cooled heat exchangers for upstream, midstream and refining applications.

The company also expects increased opportunities in carbon capture projects, hydrogen infrastructure and data center cooling, markets where demand for gas compression, cryogenic equipment and thermal management technologies continues to grow.

Integration begins

Chart will continue operating as a standalone reporting segment while Baker Hughes integrates manufacturing, engineering, commercial operations and digital services through its Baker Hughes Business System.

Jim Apostolides, Baker Hughes’ chief infrastructure and performance officer, has been appointed senior vice president to lead the Chart segment. He previously oversaw integration planning ahead of the transaction’s completion.

Baker Hughes is targeting $325 million in annualized cost synergies within three years through supply chain optimization, manufacturing efficiencies and streamlined support functions.

The acquisition is part of Baker Hughes’ broader strategy to increase exposure to industrial and lifecycle service businesses while expanding recurring aftermarket revenue and improving long-term earnings and cash flow.