Baker Hughes Company has completed its acquisition of Chart Industries, Inc., marking a key milestone in the company’s strategy to strengthen its position as an industrialised energy solutions provider. The acquisition is expected to enhance Baker Hughes’ long-term earnings and cash flow by expanding its industrial portfolio and increasing its recurring aftermarket service offerings.
The addition of Chart’s thermal management technologies and service capabilities complements Baker Hughes’ existing portfolio and broadens its presence across a wider range of energy and industrial markets.
“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” said Baker Hughes Chairman and Chief Executive Officer Lorenzo Simonelli. “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 maximise synergies as we move forward.”
As part of the integration, Baker Hughes has appointed Chief Infrastructure & Performance Officer Jim Apostolides as senior vice president to lead the newly established Chart segment. Apostolides has led the company’s integration program since July 2025, overseeing efforts to support strategic growth and operational readiness. He brings more than 25 years of operational and cross-industry leadership experience, having previously served as senior vice president of Enterprise Operational Excellence since 2020.
Simonelli said Apostolides’ extensive experience in global supply chain management and operational leadership makes him well-positioned to implement the Baker Hughes Business System within the Chart business and drive value creation following the acquisition.
Chart will operate as a dedicated reporting segment within Baker Hughes, reflecting the strategic importance of its expertise in air and gas handling, thermal management, and lifecycle services. According to the company, the structure is designed to maintain Chart’s commercial and operational focus while supporting full integration and synergy realisation across the broader organisation.
Chart generated approximately $4.3 billion in revenue during fiscal year 2025 and serves customers in more than 50 countries. Its operations span sectors including gas infrastructure, nuclear energy, data centres, carbon capture and storage, geothermal energy, space, and other high-growth industrial markets.
Baker Hughes has also launched a comprehensive integration program using its Business System to align operations across both companies. The initiative will focus on integrating product and technology platforms, engineering and commercial processes, and lifecycle and digital service offerings. Early efforts will prioritise supply chain optimisation, manufacturing efficiencies, and functional support, with the company targeting approximately $325 million in annualised cost synergies within three years.
The acquisition represents another step in Baker Hughes’ broader portfolio optimisation strategy as it seeks to expand its presence in industrial and lifecycle-driven markets while improving capital efficiency and supporting long-term sustainable growth.
The company’s board will continue to monitor integration progress and operational execution while maintaining its disciplined capital allocation strategy. Baker Hughes continues to target a net leverage ratio of between 1.0x and 1.5x within the next 24 months.
For more information visit www.bakerhughes.com
