Baker Hughes has completed its acquisition of Chart Industries, marking a  milestone in its strategy to strengthen its position as an industrialised energy solutions company. 

The deal is expected to boost durable earnings and cash flow by expanding Baker Hughes’ industrial portfolio and recurring aftermarket services.

“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer. “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.”

The company also appointed Chief Infrastructure & Performance Officer Jim Apostolides as Senior Vice President to lead the newly created Chart reporting segment. 

Chart generated $4.3 billion in revenue in fiscal 2025 and serves customers in more than 50 countries across industries including gas infrastructure, nuclear, data centres, carbon capture, geothermal and space.

“Congratulations to Jim on his well-deserved appointment as segment leader,” Simonelli said. “Apostolides’s business rigor... makes him well-suited to lead implementation of the Baker Hughes Business System within Chart. We look forward to his leadership and continued success, quickly delivering value for our customers and shareholders as one company.”

Baker Hughes has launched an integration programme targeting $325 million in annualised cost synergies within three years and aims to maintain a net leverage ratio of 1.0-1.5x within 24 months.