Is Chart Industries still a publicly traded company?

No. Baker Hughes closed its $13.6 billion acquisition of Chart Industries on July 16, 2026, and Chart now operates as a distinct segment within Baker Hughes rather than as an independent NYSE-listed company (former ticker GTLS).

Is Chart Industries profitable?

Chart's trailing four-quarter net income through FY2025 was roughly $40.7 million, compressed largely by a $266 million termination fee paid to Flowserve on July 29, 2025 after Chart chose the Baker Hughes deal instead.

Who owns Chart Industries now?

Baker Hughes Company (NASDAQ: BKR) owns Chart Industries outright as of July 16, 2026, after paying $210 per share cash in a deal valued at $13.6 billion enterprise value.

Who is Chart Industries' biggest competitor?

Honeywell became a notable rival after completing its acquisition of Air Products' LNG process-technology and equipment business on September 30, 2024, expanding into Chart's cryogenic heat-exchanger niche; Linde, Air Products, and Air Liquide also run captive competing equipment arms.

Could AI replace what Chart Industries does?

No. Chart's core work is safety-regulated physical manufacturing of cryogenic pressure vessels and heat exchangers across roughly 62 plants; AI instead acts as a demand tailwind, with data-center liquid-cooling demand growing about 50% year over year as of Q1 2026.

Why did Chart Industries end its merger with Flowserve?

Chart's board deemed the Baker Hughes offer a Superior Proposal and terminated the signed Flowserve merger on July 28-29, 2025, paying Flowserve a $266 million termination fee before finalizing the $13.6 billion Baker Hughes deal.

Manufacturing companies · subsidiary of Baker Hughes Company · United States

Chart Industries

chartindustries.com ↗

Maker of cryogenic and industrial gas equipment, now a Baker Hughes segment.

Protection under test

Assessed 24 July 2026 · Evidence as of 24 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 24 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Baker Hughes' first post-close update on Chart segment synergy cuts and headcount targets

The call

Chart's cryogenic engineering survives inside Baker Hughes, with its near term shape depending on how deeply BH cuts overlapping roles to hit its synergy target.

Chart Industries designs and builds complex equipment that freezes and stores gases at extreme cold temperatures, serving energy and industrial customers worldwide. The business is genuinely hard to replace because it requires decades of engineering knowledge, 62 factories, government certifications, and deep customer relationships, making competitors like Honeywell (which bought similar technology in 2024) have to build from scratch. The big question now is whether Baker Hughes, which just paid $13.6 billion to acquire Chart in mid-2026, will cut costs too aggressively during the merger and damage the engineering teams and manufacturing quality that make Chart valuable in the first place.

Why

AI pressure: None apparent. AI datacenter buildouts drive demand for Chart's cryogenic cooling gear, feeding orders rather than displacing them. Could AI do the core job? Unlikely.

Bigger players: Honeywell. Honeywell's 2024 purchase of Air Products' LNG process tech puts a well-funded rival directly in Chart's core equipment niche. Could a giant copy it? Probably.

What protects it. 62 certified manufacturing plants, decades of ASME-grade cryogenic engineering IP, and a large installed service base rivals can't quickly copy.

What would change this call

Baker Hughes announces headcount cuts tied to the $325M synergy target within 12-24 months of close. Shows whether core engineering/manufacturing/service teams are protected or gutted.
Chart segment order-to-revenue conversion in Q1/Q2 2026 reports versus the Q4'25 miss. Shows whether the Q4'25 revenue miss was a one-off or a repeating trend.
Honeywell or Linde announce new LNG or data-center thermal contracts previously typical of Chart's niches. Would show rivals actively capturing share in Chart's specialty markets.

Key numbers

$13.6B all cash Baker Hughes deal closed (2026-07-16)
$325M annual synergy target within 3 years (2026-07-16)
FY2025 revenue about $4.3B (2025-12-31)

Named risks

Baker Hughes could target Chart's core engineering or manufacturing headcount to hit $325M synergy goal by 2029. Severity: high
Roughly $10 billion in acquisition-related bond debt weighs on combined balance sheet. Severity: medium
Q4 2025 revenue miss (down ~2.5% YoY) signals order-to-revenue conversion timing risk despite $24B pipeline. Severity: medium
Employees lose independent equity upside since compensation now tied to Baker Hughes stock, not Chart. Severity: medium
Honeywell and gas majors with captive capability encroach further on Chart's cryogenic equipment niche. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Honeywell	gaining on	Completed Air Products LNG process-tech and equipment acquisition, Sept 30, 2024, entering Chart's niche
Linde plc	contesting	Operates captive cryogenic equipment engineering that both competes with and buys from Chart
Air Products and Chemicals	contesting	Named industry peer with captive equipment capability alongside Chart in cryogenic vaporizer market, 2026-03-29
Air Liquide	contesting	Listed as major peer competitor across cryogenic equipment market reports

Questions people ask

Is Chart Industries still a publicly traded company?: No. Baker Hughes closed its $13.6 billion acquisition of Chart Industries on July 16, 2026, and Chart now operates as a distinct segment within Baker Hughes rather than as an independent NYSE-listed company (former ticker GTLS).
Is Chart Industries profitable?: Chart's trailing four-quarter net income through FY2025 was roughly $40.7 million, compressed largely by a $266 million termination fee paid to Flowserve on July 29, 2025 after Chart chose the Baker Hughes deal instead.
Who owns Chart Industries now?: Baker Hughes Company (NASDAQ: BKR) owns Chart Industries outright as of July 16, 2026, after paying $210 per share cash in a deal valued at $13.6 billion enterprise value.
Who is Chart Industries' biggest competitor?: Honeywell became a notable rival after completing its acquisition of Air Products' LNG process-technology and equipment business on September 30, 2024, expanding into Chart's cryogenic heat-exchanger niche; Linde, Air Products, and Air Liquide also run captive competing equipment arms.
Could AI replace what Chart Industries does?: No. Chart's core work is safety-regulated physical manufacturing of cryogenic pressure vessels and heat exchangers across roughly 62 plants; AI instead acts as a demand tailwind, with data-center liquid-cooling demand growing about 50% year over year as of Q1 2026.
Why did Chart Industries end its merger with Flowserve?: Chart's board deemed the Baker Hughes offer a Superior Proposal and terminated the signed Flowserve merger on July 28-29, 2025, paying Flowserve a $266 million termination fee before finalizing the $13.6 billion Baker Hughes deal.

Timeline

2026-07-17Reports confirm Baker Hughes funded Chart deal partly via roughly $10 billion in bonds
2026-07-16Baker Hughes completes $13.6B acquisition, Chart becomes a Baker Hughes segment led by SVP Jim Apostolides
2026-02-27Chart reports Q4 2025 revenue of $1.08B, down about 2.5% YoY, missing estimates
2025-10-06Chart shareholders approve Baker Hughes merger with about 99% support
2025-07-29Baker Hughes and Chart sign definitive merger agreement at $210 per share cash
2025-07-29Chart terminates Flowserve merger, pays $266 million termination fee
2025-06-30Q2 2025 orders hit $1.50B, up 28.6% YoY, pipeline tops $24B
2024-09-30Honeywell completes acquisition of Air Products' LNG process-technology and equipment business

Revision history

24 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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