Chart Industries announced that its wholly owned subsidiary, Chart Asia Investment, has completed the purchase of an 80% equity interest in Nanjing Xinye Electric Engineering (Xinye).
The remaining 20% will be retained by original shareholder Liu Yadong. Xinye will be operated as part of Chart’s Distribution & Storage (Chart D&S) business segment. Financial terms of the all-cash transaction, which were not significant, were not disclosed.
Xinye, located in Nanjing, Jiangsu Province, China, designs, manufactures and sells control systems and dispensers for the LNG, compressed natural gas, and industrial gas industries. It also engages in the design and production of integrated circuit card systems and remote monitoring systems for mobile equipment. The joint venture (JV) provides Chart localized key dispensing and control technology and increases its penetration into the high growth natural gas markets in the Asian region.
The JV will extend Chart’s LNG product offerings in China. “ Xinye has been a strategic supplier of LNG dispensers and control systems and the JV solidifies our supply of critical components for a variety of LNG applications beginning with vehicle fueling ,” stated Tom Carey, President of Chart D&S .
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LNG World News Staff, June 27, 2013