Irving-based Flowserve Corp. (NYSE: FLS) and Atlanta-based Chart Industries (NYSE: GTLS) have entered into a definitive agreement to combine in an all-stock merger of equals, creating a leader in industrial process technologies.

The combined company is expected to have an enterprise value of approximately $19 billion, the companies said.

“The merger will create a differentiated leader with the scale and resilience to meet the significant demand for comprehensive industrial process technologies and services,” Flowserve President and CEO Scott Rowe said in a statement. “Chart’s and Flowserve’s highly complementary businesses will strengthen our ability to meet our customers’ needs, empower innovation and drive long-term, sustainable growth. The combined company will operate across diversified end markets with further exposure to premium, high-growth areas and a substantial aftermarket franchise—resulting in increased commercial opportunities.”

“I’m confident that together, we will capitalize on long-term value creation for our customers, partners, shareholders and combined global team,” Rowe added.

More on the merger

According to the companies, with an installed base of more than 5.5 million assets in more than 50 countries, the combined company will address the full customer lifecycle from process design through aftermarket support. The combined company generated net revenue of roughly $8.8 billion on a combined LTM basis as of the end of Q1 2025.

Under the agreement, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Chart shareholders will own roughly 53.5% and Flowserve shareholders will own approximately 46.5% of the combined company.

“Combining Chart and Flowserve creates a comprehensive solutions platform, with the financial strength and resilience to continue driving growth and long-term value,” Jill Evanko, president and CEO of Chart, said in a statement. “Together we will provide a complete system of capabilities from front-end engineering design to mission critical equipment through aftermarket and servicing, delivering high-quality, value-added solutions to an expanded, global customer base. With robust cash flow, meaningful synergies, and greater aftermarket growth opportunities, the combined company will be ideally positioned to deliver superior and lasting value to its shareholders.”

Combining process technologies & flow management expertise

The combination brings together Chart’s leading expertise in process technologies across compression, thermal, cryogenic and specialty solutions and Flowserve’s leading capabilities in flow management.

Combining digital platforms that support this full suite of solutions will enable further opportunities to differentiate solutions, offering a comprehensive digital overlay, including monitoring and predictive capabilities, the company said.

Once the transaction is closed, the combined company will have its headquarters in Dallas and expects to maintain a presence in Atlanta and Houston, supported by a global footprint across more than 50 countries. The combined company will assume a new name and brand following close.

The transaction is slated to close in the fourth quarter of 2025.

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