Benzinga | Aug 30, 2021 10:59AM EDT

Chart Industries Acquires AdEdge For $40M

* Chart Industries, Inc. (NYSE:GTLS) acquired AdEdge Holdings, LLC, a water treatment technology and solution provider, for a purchase price of $40 million in cash.

* In addition to over 20 specific targeted contaminants, AdEdge provides solutions for removing perfluorinated alkylated substances (PFAS), perfluorooctane sulfonic acid (PFOS), and other persistent organic compounds.

* "We intend to offer AdEdge's solutions for PFAS and PFOS removal in a containerized package, using our Treatment-as-a-Service (TaaS) business model," commented Chart's CEO and President Jill Evanko.

* Chart Industries held cash and cash equivalents of $198 million as of June 30, 2021.

* AdEdge will be immediately accretive to Chart (with gross margins as a percent of sales averaging 32-35%) and will contribute ~$35 million to $40 million of revenue and ~$0.11 to $0.16 of adjusted non-diluted EPS to its FY22 outlook.

* Price Action: GTLS shares are trading lower by 0.49% a $185.72 on the last check Monday.