Strong liquidity for the rating; Low capital expenditures requirement; and Decent product and geographic diversification. Limited size and scale; Cash flows susceptible to cyclical industrial gas, natural gas processing, and LNG markets; and Some lumpiness in revenue stream. The ratings on Garfield, Ohio-based Chart Industries Inc. reflect the company's participation in the highly cyclical gas processing market, its small size, and an uneven revenue stream in the company's energy and chemicals segment. The ratings also incorporate Chart's strong liquidity, modest capital spending, and decent product and geographic diversification. Chart manufactures equipment used for low-temperature and cryogenic applications for energy, industrial gas, and biomedical customers. Many of its products can be found throughout the liquid gas supply chain, from purification and
