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Chart Industries completes Nanjing Xinye stake buy

CLEVELAND (AP) -- Chart Industries has completed its purchase of a majority stake in China's Nanjing Xinye Electric Engineering Co.

Financial terms were not disclosed.

Chart Industries Inc., which makes equipment used in the production, storage and end-use of hydrocarbon, industrial gases, and liquefied natural gas, bought an 80 percent equity stake in the company. Original shareholder Liu Yadong will keep the remaining interest.

Nanjing Xinye designs, makes and sells control systems and dispensers for the liquefield natural gas, compressed natural gas and industrial gas industries. The company also designs and produces integrated circuit card systems and remote monitoring systems for mobile equipment.

Chart said that the acquisition will give it more access to the natural gas markets in the Asian region and provides it with localized dispensing and control technology.

Chart said Thursday that Nanjing Xinye will become part of its distribution and storage division.