CLEVELAND, April 14, 2010 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today announced that its wholly-owned subsidiary, Chart Energy & Chemicals, Inc. ("Chart E&C"), was awarded a $12 million contract in the first quarter by Krishak Bharati Cooperative Limited (KRIBHCO) for the mechanical design, fabrication and supply of two KBR Purifier™ systems to be installed at KRIBHCO's existing ammonia plants at the Hazira complex in Gujarat, India as part of a larger refurbishment project to improve overall plant efficiency. KBR is the ammonia technology licensor for the project.
"We are very pleased to receive this significant order for Chart E&C equipment and look forward to working with KBR and KRIBHCO on this important project," stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer.
The KBR-designed cryogenic purification technology removes methane, argon and excess nitrogen from synthesis gas and uses air, instead of oxygen, in the reforming section of the ammonia plant, eliminating the need for costly air separation units. Each Purifier™ system includes brazed aluminum heat exchangers, process vessels, piping and a cold box that Chart E&C will build at its La Crosse, WI and New Iberia, LA facilities. KRIBHCO's licensing of KBR's cryogenic Purifier™ system marks the first utilization of the technology in India.
Certain statements made in this news release are or imply forward-looking statements, such as statements concerning business plans, objectives, market trends, future revenue, performance, and other information that is not historical in nature. These statements are made based on Chart management's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as cyclicality of product markets, a delay or reduction in customer purchases, competition, the negative impacts of the recent global economic and financial crisis, and economic, political, business and market risks associated with global operations. For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart's filings with the U.S. Securities and Exchange Commission, including Item 1A - Risk Factors, of Chart's most recent Annual Report on Form 10-K.
Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe. For more information, visit: http://www.chart-ind.com.
KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power and industrial markets. For more information, visit www.kbr.com.
For more information, click here: http://www.chart-ind.com/investor_relations.cfm/?b=1444&l=1
CONTACT: Chart Industries, Inc.
Michael F. Biehl, Executive Vice President
and Chief Financial Officer
216-626-1216
michael.biehl@chart-ind.com
