Baker Hughes has officially completed its acquisition of Chart Industries, marking a significant step in expanding its industrial technology capabilities and long-term growth strategy. Following the completion of the transaction, Chart will operate as the company’s third reporting segment, focusing on gas handling technologies, thermal management solutions, and lifecycle services.
The newly established segment will continue to function independently while Baker Hughes carries out a phased integration of Chart’s operations with its existing air and gas handling, thermal management, and service businesses. Chart generated revenue of approximately $4.3 billion in fiscal 2025 and has a global presence, serving customers across more than 50 countries.
To oversee the new business unit, Baker Hughes has appointed Jim Apostolides as Senior Vice President of the Chart segment. Apostolides, currently the company’s Chief Infrastructure & Performance Officer, has been leading the integration planning since July 2025. His previous leadership role in enterprise operational excellence is expected to support the smooth alignment of business processes and operations.
Commenting on the acquisition, Lorenzo Simonelli, Chairman and Chief Executive Officer of Baker Hughes, said Chart’s expertise in thermal management and aftermarket services complements the company’s existing portfolio and supports its long-term strategy of delivering advanced industrial solutions to customers worldwide.
As part of the integration process, Baker Hughes has introduced a structured program based on its Business System to align operational practices across both organizations. The initiative will focus on integrating engineering capabilities, product platforms, commercial operations, digital solutions, and lifecycle service offerings while maintaining business continuity.
The company also expects to unlock operational efficiencies by streamlining manufacturing processes, strengthening supply chain management, and optimizing corporate support functions. Baker Hughes aims to achieve approximately $325 million in annualized cost synergies within three years of closing the transaction. In addition to these savings, the company believes the combined business presents opportunities for future commercial growth through expanded market reach and complementary technologies.
Chart’s portfolio supports a wide range of industries, including gas infrastructure, nuclear energy, data centers, carbon capture and storage, geothermal energy, aerospace, and other industrial applications. Maintaining the segment as a distinct business is intended to preserve its customer focus while enabling closer collaboration across Baker Hughes’ broader operations.
With the acquisition complete, Baker Hughes expects to further diversify its industrial technology portfolio, strengthen its recurring aftermarket services business, and improve long-term financial performance. The company also continues to target a net leverage ratio of 1.0x to 1.5x within the next 24 months as it advances its integration plans and evaluates operational progress.
