Why Shares of Chart Industries Are Plunging Today
Chart Industries (NYSE: GTLS) just went shopping, and investors aren't happy with the purchase. The manufacturer of equipment for the energy industry and industrial gas markets announced this morning that it has signed a definitive agreement to acquire Howden, a global provider of air and gas handling products and services.
As of 11:33 a.m. ET, shares of Chart are down 25%.
In a transaction valued at $4.4 billion, Chart will expand its offerings for customers looking to decarbonize their operations with the acquisition of Howden. Lauding the merits of the deal, Chart estimates that acquiring Howden will result in numerous financial benefits.
Source Fool.com
