Baker Hughes has completed its acquisition of Chart Industries (NYSE: GTLS), a major milestone in the company’s ongoing transformation from an oilfield services provider into a diversified industrial energy solutions company. Chart Industries reported $4.3 billion in revenue for fiscal year 2025 and serves customers in more than 50 countries across gas infrastructure, nuclear, data centers, carbon capture and storage, space, geothermal, and other industrial markets.
Chart will operate as a new, standalone reporting segment within Baker Hughes — a structural decision that reflects the scale and strategic importance of Chart’s capabilities in air and gas handling, thermal management, and lifecycle services, while preserving the commercial and operational focus that made Chart a market leader in its own right.
Jim Apostolides, Baker Hughes’ Chief Infrastructure and Performance Officer, has been appointed Senior Vice President to lead the Chart segment. Apostolides has overseen integration planning since July 2025 and brings more than 25 years of operational and multi-industry leadership, including his prior role as Senior Vice President of Enterprise Operational Excellence at Baker Hughes since 2020.
The transaction is expected to generate $325 million in annualized cost synergies within three years of close, with additional commercial synergy opportunities identified as further upside. Baker Hughes’ integration program is focused on harmonizing product and technology platforms, engineering and commercial practices, lifecycle and digital services, and early synergy capture across supply chain, manufacturing, and functional support. The company has targeted a net leverage ratio of 1.0–1.5x within 24 months of close, reflecting a commitment to disciplined capital allocation through the integration period.
Baker Hughes has been pursuing a portfolio management strategy aimed at divesting non-core businesses and expanding into higher-margin, industrialized, and lifecycle-driven markets with more durable earnings and cash flow characteristics. Chart’s thermal management and industrial equipment capabilities accelerate that repositioning.
KEY QUOTE:
“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy. 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. We welcome our new colleagues to Baker Hughes and look forward to working with them to deliver disciplined execution and maximize synergies as we move forward. Jim’s business rigor, demonstrated through decades of global supply chain experience and operational leadership of large complex facilities around the world, makes him well-suited to lead implementation of the Baker Hughes Business System within Chart.”
Lorenzo Simonelli, Chairman and Chief Executive Officer, Baker Hughes
