Chart Industries Inc. and Flowserve Corp. have announced plans to merge in an all-stock transaction that will create a leading global provider of industrial process technologies with a combined enterprise value of approximately $19 billion, including debt.
Under the terms of the agreement, shareholders of Chart Industries will receive 3.165 shares of Flowserve common stock for each share of Chart stock they hold. Once completed, Chart shareholders will own approximately 53.5% of the merged company, with Flowserve shareholders owning the remaining 46.5%, on a fully diluted basis. The companies are positioning the deal as a merger of equals, and it is expected to close in the fourth quarter of 2025, pending regulatory approvals and shareholder votes.
The new entity will operate under a new name and brand, to be unveiled upon deal completion. Flowserve CEO Scott Rowe will lead the combined company as Chief Executive Officer, while Chart Industries CEO Jill Evanko will serve as Chair of the Board.
The merger combines two complementary businesses: Flowserve, a global leader in fluid motion and control products, and Chart Industries, known for its expertise in process technologies and equipment for handling gas and liquid molecules. Together, the company will serve a wide array of industries including water, chemicals, data centers, mining, and industrial gases.
This transaction builds on Chart’s recent acquisition of Howden in 2023 for $4.4 billion, and further strengthens its presence in high-growth sectors. Flowserve, with its well-established portfolio of pumps, valves, and seals, brings deep expertise in the water and chemical sectors.
The companies anticipate approximately $300 million in annual cost synergies within three years of closing, driven by operational efficiencies and complementary market coverage. The new entity reported combined net revenue of $8.8 billion over the past year.
With a larger footprint and broadened offerings, the merged company will be better positioned to compete with industrial giants like Dover and Ingersoll Rand. Executives also highlighted the ability to provide customers with solutions across the full product lifecycle—from engineering and design to aftermarket support, which has become a significant driver of recurring revenue and margin growth.
As of Wednesday morning trading, Chart Industries’ shares were largely unchanged, while Flowserve stock had dipped 2.5%. Despite this initial market reaction, industry analysts suggest the merger could be well received over time as integration plans are executed and synergies materialize.
The Wall Street Journal, Bloomberg, and Business Wire contributed to this report.
