Baker Hughes has completed its acquisition of Chart Industries, creating a formidable new industrial business with deeper reach across liquefied natural gas, hydrogen, carbon capture, thermal management, and other rapidly expanding infrastructure markets.
The transaction marks a major shift in the energy technology company’s portfolio strategy.
Chart reported $4.3 billion in revenue for fiscal 2025 and operates in more than 50 countries.
Its operations will form Baker Hughes’ third business segment, joining Oilfield Services and Equipment and Industrial and Energy Technology within the reorganized corporate structure.
The acquisition positions Baker Hughes to compete more aggressively in gas infrastructure, nuclear power, geothermal energy, data centers, space applications, and carbon capture and storage.
It also gives the company a broader platform for pursuing industrial markets that offer attractive service demand and recurring revenue.
For turbomachinery operators, engineering contractors, and equipment suppliers, Chart brings capabilities that closely complement Baker Hughes’ established compression and rotating equipment portfolio.
Its air and gas handling systems support compression trains, cryogenic processing units, heat exchanger networks, and industrial gas facilities.
Chart’s portfolio is organized around air and gas handling, thermal management, and lifecycle services.
These businesses strengthen Baker Hughes’ ability to supply integrated systems rather than isolated equipment packages, particularly for technically complex liquefied natural gas, hydrogen, and carbon capture projects.
“Chart's thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” Baker Hughes Chairman and CEO Lorenzo Simonelli said.
“Together, we will expand the solutions we deliver across a broader range of energy and industrial markets and create greater value for customers and shareholders.”
The enlarged aftermarket operation is central to the strategic logic behind the purchase.
Combining Chart’s installed equipment base with Baker Hughes’ digital services, maintenance expertise, and rotating equipment capabilities could produce durable revenue throughout the operating life of customer assets.
Baker Hughes is targeting $325 million in annual cost savings within three years following the transaction’s closing. Initial integration work will focus on supply chain optimization, manufacturing consolidation, and the alignment of administrative and functional support activities across the combined organization.
Management also sees commercial opportunities beyond the announced savings target.
Baker Hughes can offer its turbomachinery, compression, controls, and digital services to Chart customers, while introducing Chart’s thermal and gas handling technologies across its own extensive industrial and energy customer network.
A comprehensive integration program is being conducted through the Baker Hughes Business System.
The effort will align engineering practices, commercial operations, manufacturing processes, product platforms, digital capabilities, and lifecycle service activities while seeking to preserve the specialized expertise that made Chart an attractive acquisition target.
The balance sheet will remain under close scrutiny as Baker Hughes absorbs the debt associated with the purchase.
The company is targeting a net leverage ratio between 1.0 and 1.5 times within 24 months, indicating that debt reduction and financial discipline will accompany the operational integration.
Jim Apostolides, Baker Hughes’ Chief Infrastructure and Performance Officer, has been appointed Senior Vice President responsible for the new Chart segment.
He brings more than 25 years of operational and industrial leadership experience and has overseen planning for the integration since July 2025.
His selection places an experienced internal operator at the center of the company’s savings and execution program.
Baker Hughes is relying on disciplined management to consolidate facilities, simplify supply chains, harmonize support functions, and capture additional revenue without disrupting customer projects or critical service commitments.
The combined portfolio creates a more vertically integrated supplier across industrial gas and energy infrastructure markets. Customers and engineering contractors can access compression, cryogenic processing, thermal management, gas handling, digital services, and aftermarket support through a broader single source offering.
That expanded scope is particularly relevant for liquefied natural gas, hydrogen, and carbon capture developments, where equipment interfaces can determine efficiency, reliability, and project economics.
Closer coordination between compression machinery, heat transfer equipment, processing systems, and controls could reduce complexity for project developers.
The acquisition gives Baker Hughes greater scale in markets expected to attract substantial infrastructure investment.
If integration targets are achieved, the Chart segment could strengthen recurring service revenue, widen customer access, and reshape competition for equipment packages and long term service agreements across the industrial energy sector.
