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In a landmark deal reshaping the landscape of industrial process technology, Chart Industries Inc. and Flowserve Corp. announced Wednesday they will merge in an all-stock transaction valued at $19 billion, creating a global leader in flow and thermal management. The strategic combination, backed by heavyweight legal counsel from Winston & Strawn LLP for Chart and Cravath Swaine & Moore LLP for Flowserve, sets the stage for a powerful, diversified entity capable of tackling complex energy and infrastructure challenges.

A Marriage of Industrial Titans

The boards of both companies gave unanimous approval to the merger, which will see Chart shareholders receive 3.165 shares of Flowserve for each share of Chart stock they hold. Once finalized, Chart investors will control 53.5% of the combined company, with Flowserve shareholders holding the remaining 46.5%.

The newly formed company — soon to be rebranded under an undisclosed name — will be headquartered in Dallas, maintaining significant operations in Atlanta and Houston. It will boast a 12-member board, equally split between Chart and Flowserve appointees. Jill Evanko, Chart’s current CEO, will serve as chair, while Scott Rowe, Flowserve’s CEO, will assume leadership of the combined organization.

Building a Full-Spectrum Industrial Solutions Platform

Chart, known for its cutting-edge work in gas and liquid molecule management, and Flowserve, a global leader in fluid motion technology, say the merger will allow them to provide end-to-end solutions — from front-end engineering and design to aftermarket services and critical infrastructure support.

“This transaction is more than just a merger — it’s a reinvention,” said Evanko. “We’re building a complete, high-value platform, with the scale and resilience needed to thrive in an increasingly complex market.”

Rowe echoed the sentiment: “This is a bold move that creates a differentiated industrial leader, primed to serve global demand for sustainable and efficient technologies.”

Financial Muscle and Strategic Impact

Analysts project the combined firm will generate $300 million in annual cost synergies, while boosting revenue, improving cash flow, and maintaining a solid balance sheet. The deal also continues Chart’s expansion momentum — following its $4.4 billion acquisition of Howden Group Ltd. in 2023 — cementing its position at the forefront of industrial innovation.

Flowserve’s legal representation included a powerhouse team from Cravath led by partners Daniel Cerqueira, George Schoen, Jonathan Katz, and others. Deal details for Winston & Strawn’s legal team were not immediately disclosed.

The transaction, subject to shareholder and regulatory approvals, is expected to close in the fourth quarter of 2025.