Baker Hughes completes Chart Industries acquisition to expand industrial energy portfolio
Baker Hughes has completed its acquisition of Chart Industries, a move the company said will help expand its portfolio across energy and industrial markets.
The company added that the acquisition will enhance its ability to deliver long-term earnings growth and cash flow through a broader industrial offering and an expanded portfolio of recurring aftermarket services.
“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” said Lorenzo Simonelli, Chairman and Chief Executive Officer of Baker Hughes.
“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,” Simonelly said, adding “we welcome our new colleagues to Baker Hughes and look forward to working with them to deliver disciplined execution and maximise synergies as we move forward.”
Serving multiple industries
As part of the integration, Baker Hughes has appointed Jim Apostolides, the company’s Chief Infrastructure & Performance Officer, as Senior Vice President to lead the new Chart business segment. Apostolides has overseen integration planning since July 2025 and brings more than 25 years of operational and supply chain leadership experience.
Chart will operate as a separate reporting segment within Baker Hughes, reflecting the strategic importance of its capabilities in air and gas handling, thermal management, and lifecycle services. The company generated $4.3 billion in revenue in fiscal year 2025 and serves customers in more than 50 countries across sectors including gas infrastructure, nuclear energy, data centres, carbon capture and storage (CCS), geothermal, space, and other industrial markets.
The acquisition forms part of Baker Hughes’ broader portfolio optimisation strategy, which aims to expand its presence in industrial and lifecycle-driven markets while streamlining non-core businesses. The company said it remains focused on disciplined capital allocation and continues to target a net leverage ratio of between 1.0x and 1.5x within the next 24 months.
Baker Hughes has launched a company-wide integration programme aimed at aligning operations, product and technology platforms, engineering capabilities, commercial activities, and digital services. The company expects to achieve annualised cost synergies of $325 million within three years, with early savings focused on manufacturing, supply chain operations and corporate functions.
