Chart Increases Investment in China's Changzhou National Hi-Tech District by US$350 million
CHANGZHOU, China, March 11, 2014 /PRNewswire/ -- Chart Industries, Inc., a worldwide leader in the manufacture of cryogenic equipment, recently expanded its presence in China through an additional total investment of US$350 million in Changzhou National Hi-Tech District, a manufacturing zone in eastern China's Jiangsu Province.
Chart Industries, Inc. is a leading global supplier of standard and custom-engineered products and systems serving a wide variety of low-temperature and cryogenic applications. Headquartered in Cleveland, Ohio, Chart has domestic operations located in nine states. Chart manufactures a broad line of cryogenic products for the purification, liquefaction, distribution, storage and application of gases such as helium, nitrogen, argon, oxygen, carbon dioxide, natural gas and other hydrocarbons for final use in a multitude of industrial, commercial and scientific applications.
Chart Cryogenic Engineering Systems (Changzhou) Co., Ltd., which first invested in Changzhou National Hi-Tech District in 2005, has shown good results, with sales of 1,180 million yuan in 2013.
"The government agencies in Changzhou National Hi-Tech District have been very helpful. All of their employees treat our people warmly and sincerely while not compromising any principles, aiding us in resolving the many issues we have faced along the way. This has given us confidence that we made the right decision by investing here," a company head said.
Facing rapidly-growing demand from LNG terminal and large storage tank markets, Chart is planning to further expand its investments in China. The additional investment of nearly US$350 million will be used to manufacture large LNG storage tanks, of which, US$210 million will be allocated to phase I of the project to assure the meeting of the targets by funding the work contracted, commenced and completed during the year.
SOURCE Changzhou National Hi-Tech District