Two prominent industrial process technology manufacturers are set to combine in a deal valued at approximately $19 billion.

Chart Industries and Flowserve Corporation announced June 4 that they’ve reached a deal to combine in an all-stock “merger of equals”. Upon completion — expected in 2025’s fourth quarter and subject to shareholder from and regulatory approvals — Chart shareholders will own about 53.5% and Flowserve’s will own about 46.5% of the combined company.

In the Store: MDM’s U.S. MRO Market Trends Report 

Chart and Flowserve have a combined annual revenue of $8.8 billion on a last 12-month basis as of the end of 2025’s first quarter. About 42% of that revenue comes from aftermarket services. They also have a combined adjusted EBITDA margin of 22%.

“Combining Chart and Flowserve creates a comprehensive solutions platform, with the financial strength and resilience to continue driving growth and long-term value,” Evanko said in a news release. “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.”

Upon closing, the company will rebrand and be headquartered in Dallas and expects to maintain a presence in Atlanta and Houston, supported by a global footprint across more than 50 countries. The deal already has unanimous approval from both company’s board of directors.

The combined company’s board will consist of 12 directors — six from each both Chart and Flowserve. Current Flowserve President and CEO Scott Rowe will serve as CEO, Evanko will serve as board chairman and John Garrison — currently Flowserve’s Non-Executive Chairman — will serve as lead independent director of the combined board.

“The merger will create a differentiated leader with the scale and resilience to meet the significant demand for comprehensive industrial process technologies and services,” Rowe said. “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.”

Chart and Flowserve have launched a dedicated page for more info on the merger at chartflowserve.com.