Benzinga | Dec 14, 2021 03:10PM EST

Chart Industries Acquires Remaining 85% Stake In Earthly Labs For $62M

* Chart Industries, Inc. (NYSE:GTLS) completed the acquisition of Earthly Labs, Inc. The purchase price was $62 million for the 85% stake in Earthly Labs that Chart did not already own.

* The company paid the purchase price ~62% in cash and 38% in stock valued by using a 5-day volume-weighted average price per share of $169.42.

* As a provider of small-scale carbon capture systems, Earthly Labs offers a small footprint technology platform called "CiCi" to capture, recycle, reuse, track and sell CO2.

* Earthly Labs includes Chart cryogenic CO2 storage tanks, vaporizers, and regulators as a standard part of its offering.

* Earthly Labs' founder and CEO Amy George will continue in her role within Chart.

* Chart anticipates that Earthly Labs will add ~$20 million of revenue to its 2022 outlook with immediate accretion, including expected 2022 EPS of $0.12.

* Chart held cash and equivalents of $103.1 million as of September 30, 2021.

* Price Action: GTLS shares are trading lower by 2.30% at $156.94 on the last check Tuesday.