Baker Hughes Closes Chart Industries Acquisition, Adds Third Operating Segment

Baker Hughes has closed its acquisition of Chart Industries and will run the acquired business as a third operating segment.

Chart booked $4.3 billion in revenue for fiscal year 2025 and sells to customers across more than 50 countries. In its completion notice, Baker Hughes described the new segment as reflecting the scale and strategic importance of Chart's capabilities.

The purchase adds Chart's work in thermal management, air and gas handling, and lifecycle services, according to World Oil. That footprint spans LNG, gas infrastructure, carbon capture and storage, nuclear, geothermal and data center markets.

Baker Hughes put annualized cost synergies at $325 million by the third year after close. The company set a net leverage target of 1.0-1.5x within 24 months, tied to what it called disciplined capital allocation.

Jim Apostolides, Baker Hughes Chief Infrastructure and Performance Officer, was named senior vice president to run the Chart segment. The role puts a sitting Baker Hughes executive over the newly acquired operations.

With Chart added, Baker Hughes now reports across three operating segments rather than folding the business into an existing unit. The $4.3 billion in Chart revenue and its reach into more than 50 countries widen the combined customer base.