Chart Industries Awarded $40 Million Contract to Provide LNG Equipment to
CLEVELAND, Feb. 28, 2013 (GLOBE NEWSWIRE) -- Chart Industries, Inc.
(Nasdaq:GTLS), a leading independent global manufacturer of highly engineered
equipment used in the production, distribution, storage, and end-use of
hydrocarbon and industrial gases, today announced that its wholly-owned China
operating subsidiary has been awarded a contract to provide self-contained
liquefied natural gas ("LNG") station modules, storage tanks, and vehicle
tanks for LNG service to PetroChina. The station modules comprise an
integrated storage tank and fuel dispenser in a single transportable package,
which can be readily relocated to a new location when station volume expands
supporting a larger capacity permanent installation at the fuel station site.
The contract value of this order is approximately $40 million. "This award
further validates our capacity expansion efforts to address the substantial
LNG infrastructure build-out that has been occurring. We are very pleased to
have been awarded this contract for equipment in China and look forward to the
continuation of our work with PetroChina on their LNG efforts," stated Tom
Carey, President of Chart's Distribution & Storage Group.
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'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 and vulnerability of markets to economic downturns, a delay or
reduction in customer purchases, competition, fluctuations in energy prices or
changes in government energy policy, management of fixed-price contract
exposure, reliance on the availability of key supplies and services, pricing
and availability of raw materials, modification or cancellation of customer
contracts, fluctuations in foreign currency exchange rates, and economic,
political, business and market risks associated with international
transactions. 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 Securities and Exchange Commission, including Item 1A (Risk
Factors) in Chart's most recent Annual Report on Form 10-K.
Chart is a leading independent 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, click here:
CONTACT: Michael F. Biehl
Executive Vice President,
Chief Financial Officer and Treasurer
Kenneth J. Webster
Vice President, Chief Accounting Officer and Controller
Press spacebar to pause and continue. Press esc to stop.