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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 1997
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Chart Industries, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-11442 34-1712937
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
35555 Curtis Boulevard, Eastlake, Ohio 44095
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 946-2525
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Item 5. Other Events.
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Chart Industries, Inc. (the "Company") issued a News Release on
May 1, 1997, a copy of which is filed as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits.
99 News Release dated May 1, 1997, from the Company.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CHART INDUSTRIES, INC.
Date: May 1, 1997 By: /s/ Thomas F. McKee
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Thomas F. McKee
Secretary
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EXHIBIT INDEX
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Exhibit Description of Exhibit
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99 News Release dated May 1, 1997.
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Exhibit 99
[CHART INDUSTRIES LETTERHEAD]
FOR IMMEDIATE RELEASE
Contact: Don A. Baines,
Chief Financial Officer
Chart Industries, Inc.
(216) 946-2525
CHART INDUSTRIES TO ACQUIRE CRYENCO SCIENCES
Eastlake, Ohio - May 1, 1997 - Chart Industries, Inc. (NYSE: CTI) announced
today that it has signed a definitive agreement to acquire Cryenco Sciences,
Inc. (Nasdaq: CSCI). Under the agreement, a wholly-owned Chart subsidiary would
acquire all of the common stock of Cryenco for approximately $21 million, or
$2.75 per share, in cash, plus the assumption of Cryenco's bank debt.
The transaction is contingent upon approval by Cryenco shareholders, the
expiration of certain governmental waiting periods, and certain other matters.
Chart expects the transaction to be completed in the third quarter of 1997.
Further details of the agreement were not disclosed.
Commenting on the acquisition, Arthur S. Holmes, Chart's Chairman and CEO, said,
"We are very excited to add Cryenco to the Chart family of companies. Cryenco's
product lines complement Chart's cryogenic technology and capabilities. The
addition of Cryenco will dramatically broaden Chart's presence in many of its
current markets while exposing Chart to new market areas. We expect the
acquisition to be accretive to earnings and to provide significant potential for
future financial growth."
Cryenco manufactures primarily vacuum-jacketed containment systems for storing
and transporting cryogenic liquids. These engineered products serve customers
in the industrial gas, hydrocarbon and helium markets as well as the medical,
aerospace, food, and pharmaceutical industries. Cryenco's products include
cryogenic road transport trailers for oxygen, nitrogen, argon, and LNG;
proprietary TVAC(R) intermodel tank containers; and MRI cryostats. In addition,
Cryenco has been a developer of proprietary products for LNG and CNG fueling for
the transportation market. Cryenco operates out of two manufacturing facilities
in Denver, Colorado.
In its fiscal year ended August 31, 1996, Cryenco had sales of $31.3 million and
earned $527,000. Chart's calendar year 1996 sales were $148 million with net
income of $15 million. For the first quarter of 1997, Chart earned $4.5 million,
or $0.45 per share, on sales of $42.4 million, increases of 40 percent and 20
percent, respectively, over the prior-year period.
Chart Industries, Inc. manufactures an extensive line of low-temperature and
cryogenic equipment used to purify, liquefy, store and transport such commonly
used gases as helium, nitrogen, oxygen, argon and natural gas for further use in
a multitude of industrial, commercial and scientific applications. Chart also
produces high-vacuum systems for metallic coating and stainless steel tubing.
Headquartered in Eastlake, Ohio, Chart has operations located in Arkansas,
California, Louisiana, Massachusetts, New Hampshire, Ohio, Pennsylvania and
Wisconsin.
