Baker Hughes has completed its $13.6bn acquisition of Chart Industries, expanding its industrial portfolio and establishing Chart as its third operating segment.
The transaction, initially announced in July 2025, forms part of Baker Hughes’ ongoing portfolio optimisation strategy and aims to support its ambitions for sustainable, long-term growth.
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Chart Industries will be integrated as a new reporting segment within Baker Hughes, reflecting its activities in air and gas handling, thermal management and life cycle services.
The company reported $4.3bn in revenue for fiscal year 2025 and operates in more than 50 countries, serving sectors including carbon capture and storage, data centres, gas infrastructure, geothermal industries, nuclear and space.
Baker Hughes chairman and CEO Lorenzo Simonelli said: “Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy.
“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.”
Baker Hughes expects the acquisition to result in $325m in annualised cost synergies within three years, alongside further commercial synergy opportunities.
The company has initiated an integration programme focusing on product and technology alignment, engineering, commercial practices and digital life cycle services.
Early gains are anticipated from the supply chain, functional support and manufacturing improvements.
Jim Apostolides has been appointed senior vice-president to lead the Chart segment.
Apostolides, who led the integration process from July 2025, has held management roles within Baker Hughes since 2020 and brings more than 25 years of operational experience across several industries.
Baker Hughes’ Board will continue to monitor the progress of the integration and broader operational performance.
The company has stated its commitment to disciplined capital allocation and is targeting a net leverage range of 1.0–1.5-times within 24 months.
The segment structure is intended to preserve Chart’s commercial and operational focus, while enabling greater integration and synergy capture across the organisation.
