Chart Enters Into Joint Venture in the Middle East to Manufacture Equipment for the Oil and Gas Industry
biz.yahoo.com
Wednesday March 12, 11:00 am ET
CLEVELAND, March 12, 2008 (PRIME NEWSWIRE) -- Chart Industries, Inc. (NasdaqGS:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, announced today that Chart Cooler Service Company, which is part of its Chart Energy & Chemicals (``Chart E&C'') group, has entered into a joint venture to manufacture air cooled heat exchangers in the Middle East in response to the high demand for oil and gas equipment in this part of the world. As a 34% partner, Chart Cooler Service joins forces with one of Saudi Arabia's premier business houses, S&A Abahsain Company (``Abahsain'') of Al-Khobar (a 51% partner) and U.S.-based Specialized Industrial Equipment (``SIE'') of Houston, Texas (a 15% partner). Abahsain is a top 50 company in Saudi Arabia and will add financial strength and established goodwill to the joint venture. The combination of the three companies' oil and gas, marketing and manufacturing expertise will create the new joint venture, Abahsain Specialized Industrial Co. (``ASIC''). |
