Good afternoon and welcome to the Chart Industries, Inc. Strategic Acquisitions Conference Call. All lines have been placed on mute to prevent background noise. After the speaker's remarks, there will be a question-and-answer session. A telephone replay of today's broadcast will be available following the conclusion of the call until Tuesday, November 10th, 2020. The replay information is contained in the company's press release. Before we begin, the company would like to remind you that statements made during this call that are not historical, in fact, are forward-looking statements.
Please refer to the information regarding forward-looking statements and risk factors included in the company's latest SEC filings. The company undertakes no obligation to update publicly or revise any forward-looking statements. I would now like to turn the conference over to Jillian Evanko, Chart Industries, Inc. CEO.
Thank you, Liz, and good afternoon, everyone, and thanks for joining us on this mid-quarter acquisition update call, pretty much at the last minute here. I'm very excited to announce two completed acquisitions that further our product offerings into our high-growth, high-margin businesses of clean energy, specialty products, and repair and service. I'll walk through the supplemental deck that was included with the press release that just went out on our acquisition of BlueInGreen.
Our strategy, as shown on the left-hand side of slide three, is unchanged, and today's announcement fit in naturally. To better represent our clean offering, which includes specialty products for water treatment, we have updated the right-hand circle to reflect water and represent both BlueInG reen's.
Before getting into the acquisition of BlueInGreen, let's start with the acquisition of the Microbulk Cryogenic Tank Intellectual Property Equipment and Other Assets from IC Biomedical, a private entity which was completed yesterday and is shown on slide four. Many of you are familiar with this Microbulk Cryogenic Tank business as it was originally developed by the former Taylor-Wharton, then purchased by Worthington Industries, and finally sold to ICB along with their cryobio assets.
The addition of the former Worthington Taylor-Wharton Microbulk tanks to our product offering is another step in our strategy to bolt on complementary equipment to our core, unique cryogenic capabilities. This acquisition is a natural fit and highly synergistic. It expands our distribution and storage cryogenic tank product offering for both industrial gas majors and independent distributors, including many that currently have long-term agreements in place with us.
It also provides for an ongoing supply arrangement to provide Microbulk products to IC Biomedical for any non-cryobiological equipment needs that they may have in the future. And finally, this deal adds a unique, highly engineered food processing tank to our specialty product offering. These tanks are used in food plants to inject liquid nitrogen into the blending process of chicken nuggets, which, of course, are one of the primary food groups. Now moving to another specialty product in the market, water treatment, starting on slide five.
Today, we completed the acquisition of BlueInGreen, LLC, a leading dissolved gas expert providing custom-engineered solutions for water treatment and industrial process applications that delivers tangible economic, social, and environmental value. The stock purchase was completed for a purchase price of $20 million in cash at closing, plus a potential earn-out not to exceed $6 million in the aggregate.
I'll refer to BlueInGreen also as BIG. The combination of Chart Equipment and BlueInGreen's technology enables solutions to efficiently deliver dissolved oxygen, carbon dioxide, and ozone into water, results in a full package. Chart and BlueInGreen have long worked together as our cryogenic storage and vaporization equipment provides the feed gas to BlueInGreen's technology.
We'll talk about that on the coming slides. We know the business and love it, not only for the additional position it gives us in water treatment, where demand growth has been phenomenal over the past couple of years, in particular in 2020.
As we mentioned on our last earnings call, our year-to-date 2020 orders have already exceeded 2019's full-year orders, and BIG's annual revenue growth has been over 45% since 2016 and is expected to continue based on the backlog and highly actionable opportunities in our combined commercial pipeline. As you're aware, there is a heightened movement toward clean energy for power and also access to clean water. Our offering addresses both of these topics while helping our customers achieve their ESG targets too.
For example, BIG's solution consumes 20%-40% less gas than other alternatives for the same level of treatment, as well as delivering the solution with the smallest energy, carbon, and physical footprint.
Our combined solution will be offered either through a treatment-as-a-service contract, capital sale, or a combination or via a la carte services, further growing our repair service and leasing business to our 20% of revenue near-term target. And as you all have heard me say many times, we like food and beverage because those customers have multiple facilities and stores globally that would need equipment.
Well, the same applies to water. Through both Chart and BIG's strong relationships and successful installations with large multinational industrial customers, we have a large combined pipeline of opportunities ahead across those same customers' vast number of facilities. Additionally, BlueInGreen has preferred positioning for third-party validation with numerous consulting engineering firms such as Jacobs Engineering, Black & Veatch, CDM Smith, Stantec, Burns & McDonnell, Carollo, and Brown & Caldwell, and also by top brands like Georgia-Pacific, Del Monte Foods, Campbell's, and Tyson Foods.
And finally, as we always do, we buy companies with strong management teams that are going to stay with and run the business. In this case, the entire BlueInGreen team are industry experts, and we're excited to announce that Chris Milligan, BIG's CEO, will run our combined water business effective immediately. As we spotlighted on our earnings call a few weeks ago, both in the second and third quarter as well, slide six shows the water treatment aspects of our business, where we have seen increasing demand for desalination as a solution for water scarcity in places such as the Middle East.
Year-to-date through September 30th, 2020, our water treatment orders were $10.3 million compared to $6 million for the entire year of 2019. Also, in the third quarter of 2020, we booked record orders for six facilities.
Included in Q3 was a contract for $3.7 million with Archer Western, as well as a $1 million order for equipment for the world's largest wastewater treatment plant being constructed in Egypt. As many of you are aware, water treatment and water access has a heightened focus, and it's not just power or energy related either. As we have previously commented, we focus on four of the 17 United Nations Sustainable Development Goals related to climate action, affordable and clean energy, sustainable cities, and clean water and sanitation.
The BlueInGreen acquisition builds on our focus on these targets, as well as the increasing focus globally on ESG for all of the reasons shown on slide seven. A few specific statistics to share about these. There is a 62% increase in electricity demand expected by 2040 and a 140% increase in the power industry's water use by 2050.
Possibly more striking is that today, energy for water treatment is often the largest single municipal operating cost. With many locations in the world facing water scarcity and tighter regulation and permitting, desalination is becoming a trend. With that trend comes requirements for corrosion control and the challenge of space for treatment capacity. But even in places that are fortunate to have access to water, lead from legacy pipes and plumbing in private properties are increasingly leaching into drinking water.
And as the population rises and secondary cities increase, water and power demand is rising. Finally, corporate and personal objectives are heightened to improve energy and water efficiency while reducing greenhouse gas emissions. Governments in the private sector continue to commit to targets of zero emissions and achieving carbon-neutral societies in the coming decades. Just this past week, both Japan's Prime Minister and South Korea's President have set such targets.
This business will benefit from all of these trends. For those who want more details, we have included slide eight for your perusal. Obviously, I won't walk through these as you just heard the overarching concepts, but I would point you to the right-hand side of the slide, which shows our now broad-based capability to address this market with a full water treatment package. To touch on a few extremely differentiated areas, all platforms mitigate energy use and GHG emissions by 50%-75%. We have the lowest operating and maintenance costs when compared to the alternatives.
Retrofits provide additional capacity without increasing basin footprints and also can replace conventional aeration without taking the facility offline. Corrosion control of drinking water and collection infrastructure is also offered, and containerized mobile modular solutions are ideally suited to distributed remediation.
Finally, on the topic of market, previously we had sized our water treatment addressable market as $400 million. The total market opportunity has tens of billions of dollars of potential over the coming decades. But for the time being, we are increasing our near-term addressable market opportunity from $400 million to $700 million as a result of this acquisition in our combined businesses.
Let's talk about how the BIG and Chart offering addresses the market. The visual on slide nine demonstrates how the combination of Chart equipment and BlueInGreen technology results in our full water treatment package. Chart provides the cryogenic storage and vaporization equipment that provides the feed gas to BlueInGreen. BlueInGreen obtains a supersaturated solution, delivers it to the basin, pipe, or lagoon or other water source.
BlueInGreen uses downstream sensors in the water to automatically control the concentration, and I would also add that similar to our modular capabilities that we offer for LNG applications, through this acquisition, we're now able to offer modularized container installations and equipment, which makes it easier for customers to choose which design, size, and solution best fits their water treatment needs. We categorize our capabilities into oxidation, oxygenation, pH adjustment, and odor control, as shown on slide 10, with associated applications.
Oxygenation is used to increase the activity of the aerobic digestion process. Hydroelectric plants require oxygenation downstream as the EPA mandates a specific oxygen content. Examples of those using oxygenation include Alabama Power and Georgia Power. Oxidation is typically used in advanced oxidation process, or AOP, which is combining multiple processes in a single water treatment plant. For example, ozone, UV, peroxide, activated carbon filters, among others.
For pH adjustment, carbon dioxide is dissolved into the water, creating a mild carbonic acid, which is an ideal acid for water treatment processes because it is self-limiting and mitigates overshooting the pH in the water. It's also a very safe alternative to conventional sulfuric acid that requires trained personnel to handle, as well as specific and specially designed storage areas.
Our dissolution system has a transfer efficiency of 100%, utilizing the patented super-saturation technology of BIG. This saves on both water and CO2, as well as building infrastructure as deep basin is not required. For odor control application, similar to oxygenation, oxygen is dissolved into water to increase the activity of aerobic digestion. The oxygen is used to ensure the growth and sustainability of the microorganisms to break down the sludge in a wastewater treatment facility.
Chart's liquid oxygen storage and vaporization, coupled with BIG's highly efficient dissolution system, significantly reduces operational costs for plants. This is one of those deals that just fits like a glove, in particular because our companies have been working together for many years on multiple projects. As you can see on slide 11, there are many existing installations with both Chart Equipment and BIG solutions, ranging from municipalities such as Wichita Falls and Fayetteville, Arkansas, where BlueInGreen is headquartered and the team will remain, to industrial applications such as pH adjustment and odor control for food companies.
Not only do we expect the standalone business to be immediately accretive to Chart, even before the extensive identified synergies, we expect a steep growth curve to revenue of over $20 million in 2022 at 50% plus gross margin as a percent of sales.
Slide 12 demonstrates the interlinkages between our equipment and use applications and emphasizes the fact that we play in multiple facets of the clean energy world, whether power, water, or capturing either for reuse and recycling. I think it's sometimes lost on those newer to the Chart story exactly how much our equipment is used in these applications and also exactly how much growth there is in these spaces.
Let's take a couple of examples demonstrated on this slide. The electrolysis process for hydrogen converts water into hydrogen and oxygen. Our water treatment equipment can treat wastewater and feed it to an electrolysis plant to convert to hydrogen. The purity requirements for water are very stringent for electrolysis, so the water may need additional treatment.
In addition, if hydrogen is liquefied, the water can be used for process cooling for the liquefaction compressors and improve the efficiency of the process, lowering power consumption. Another alternative could be natural gas power supplementing wind and solar onsite, thereby resulting in more hydrogen production and constant output versus wind and solar alone. If carbon capture is then incorporated, we have a combination of green and blue hydrogen and a better economic model.
And finally, as I commented previously, we are seeing more projects in regions such as Africa where both power and water infrastructure are being built hand in hand. This acquisition furthers our ability to penetrate that type of buildout. As a result of these acquisitions, we have increased our 2021 outlook.
Revenue is now expected to be in the range of $1.26-$1.335 billion, with associated diluted adjusted earnings per share of $3.10-$3.45 on approximately $35.3 million weighted average shares outstanding. While the Microbulk business only requires low ongoing maintenance capital expenditures, we do expect to invest in the BlueInGreen business and are estimating an increase of $2 million to our CapEx outlook.
Neither of these acquisitions is expected to materially impact the fourth quarter of 2020 at this point, so 2020 guidance is unchanged. With that, I'll turn it back to you, Liz, to open it up for questions.
Ladies and gentlemen, if you'd like to ask a question at this time, please press the star, then the number one key on your touch-tone telephone. To withdraw your question, press the pound key.
Again, that is star, then one, if you'd like to ask a question at this time. Our first question comes from the line of Rob Brown with Lake Street Capital Markets. Your line is now open.
Hi, Jill.
Hi, Rob.
I just wondered if you could give us a sense of the projects that the BIG system and your system are typically on. What's a typical project size to Chart, and what's a typical sales cycle, and who are you really selling to? Is it the EPC, or is it the end-water treatment plant?
Sure. So typically, on the projects that we've done together, and I'll give you a couple of stats around that. We have, over the last year or so of the Chart wins, about a third of those have been also BlueInGreen wins.
Similarly, of the 15 projects in startup and production for BlueInGreen, nine were direct equipment orders with Chart, and nearly all of those would have Chart Equipment on them, generally through a leasing arrangement with a major distributor. In terms of content for water treatment projects, our projects can be anywhere from $350,000-$4 million, depending on the size and the structure of a facility, in particular on the municipality side of things. Typically, BlueInGreen's contract size is somewhere between $500,000 and $750,000 on something in that same range of Chart Equipment.
Okay. Thank you. I just wanted to confirm the CapEx. Are you adding capacity in that facility, or what's the CapEx for?
Yeah. We put that as a placeholder at this point because we haven't identified specific CapEx needs, but there is an opportunity for a cost synergy to bring certain manufacturing in-house that currently BIG uses outside or third-party manufacturing. So that's why we included that placeholder. It's likely to be less than that, but we wanted to make sure that we had coverage to do that quickly and achieve the cost synergies associated with that in-house manufacturing.
Okay. Thank you. I'll turn it over.
Our next question comes from Eric Stine with Craig-Hallum. Your line is now open.
Hi, Jill.
Hey.
So for BlueInGreen, you mentioned that the Chart and BIG solution that you offered either treatment as a service, capital sale, or a combination.
I mean, I guess, how do you anticipate, I mean, given the growth that you are forecasting, should we take that that you think that would be more of a capital sale? Or I'd just love to hear anything about demand in the market. Do you think there's demand for it as a service or a capital sale at this point?
My estimation on that is based on kind of the history of the BlueInGreen business, and also what we're seeing in the space right now is that there's somewhere between 10%-20% of the revenue would be around kind of the leasing model, and then the remainder of that is more of a traditional capital sale. Part of Rob's question that he asked around CapEx, we certainly are going to look to expand the available fleet of modularized container solutions.
And so I would anticipate that having a little more flexibility and availability of that fleet might drive that leasing portion a little bit higher. But overall, just kind of the way that we're seeing the trend in the market go, the typical answer is going to be a capital sale.
Okay. And then talking about your expectations for 2022 and that 50% margin, I mean, is that based off of more of a capital sale? I mean, is that indicative more of the capital sale margin, and we should anticipate that a treatment as a service margin would likely be higher than that?
That's a correct assumption. And if you looked at blended gross margins of this business, it's actually just over 60%.
So we've kind of tapered that back in true Chart form where we like to make sure that we can achieve what we're putting out to the market. But certainly, with treatment as a service, that's a much higher margin than the 50% number.
Okay. Thanks a lot.
Thank you.
Our next question comes from Pavel Molchanov with Raymond James. Your line is now open.
Thanks for taking the question. Does BlueInGreen have any modular capabilities, and specifically thinking about kind of low-income countries, Sub-Saharan Africa perhaps, where smaller-scale water projects are more relevant?
Absolutely. Spot-on question, Pavel. And yes. So the modularized containerized solutions are definitely kind of providing the customer and client a best-fit approach, which we anticipate a lot of interest in this in locations that are challenged or don't have access to water.
And the kind of fully functional solution with technology fit and application fit, having that ability to figure out what can you use and what's the most cost-effective solution, I think, is the best part of the BlueInGreen product offering to attack those types of regions and countries. Additionally, we see lots of potential opportunity in terms of addressing emergency needs of customers around this modular containerized solution.
So you have the ability to move it around, do so quickly, and whether you're addressing something that's temporary or want to leave it in place, whether you're addressing an immediate compliance concern, or to your point, where you're getting into a more remote region, and this is an easier solution. So we're very excited about that aspect of the business.
Okay.
I remember on the earnings call a few weeks ago, if I'm not mistaken, you referenced three specific M&A situations that you were kind of progressing that obviously you did not want to speak about at the time. Is it safe to say that you've announced two of those three today and then one is still outstanding?
That is a safe statement. Yep, and obviously we continually work on the pipeline beyond the one that's outstanding, so there's multiple others in various stages in our pipeline.
All right. Good to hear. Thanks, Jill.
Thanks, Pavel.
Our next question comes from Chase Mulvehill with Bank of America. Your line is now open.
Hey. Good afternoon, Jill.
Hey, Jay.
Hey. I guess I wanted to dig in a little bit on the total addressable market. Obviously, you took it up to $700 million for water treatment from $300.
So I guess maybe first, could you talk to the competitive dynamics for the BIG equipment markets here? And then what percentage of that $700 million do you think that you can ultimately capture? And just to confirm, the $700 million, is that a three-year duration, or is it three years out, or is it a three-year term duration?
Yeah. So this is across the three years in their entirety. And let me start with stepping back in how we go about figuring out this addressable market that we've put out. And then I'll go more to the more macro comment that I made during my prepared remarks about the tens of billions of dollars of market potential in the coming decades and how that's split across the core markets.
So around the Chart Equipment only, this is really based off of, so that was the starting point of the $400 million, based off of what we see in water treatment facilities that are actually in conversations where they are on the horizon in the next three years, and we could potentially have content on them.
And then we boil that down and say, "All right. Which ones do we have X dollars of content, and which ones are really actionable?" So that's how we got to the $400 million mark. To get to the $700, and frankly, we kind of bantered about whether it was $700 or $800 million kind of in this time frame, but ultimately, we decided to let's go with something that is very possible to achieve.
Combined between our two businesses, this is really around having the capability to go into regions that neither business historically has been able to do on their own or wasn't really cost competitive on their own. So take it as an example, the BlueInGreen, that's a smaller business, and the size of their sales force and location of their sales force restricted the ability to go beyond North and South America.
But where there's quite a bit of Chart sales force activity and opportunity is in EMEA, in particular in places like Israel and Egypt, as we just talked about. On the other hand, take the Chart Equipment where in regions such as those, our specialty is equipment for bulk liquid delivery, which is higher cost.
To Pavel's question, it's really how do you get a solution out there that is able to be cost competitive, is functional, and can get to remote locations? When you couple BlueIn Green's technology with on-site generated oxygen, we would have a better chance to win the solution package, whereas previously, we wouldn't win on just bulk liquid equipment.
Then finally, I made the comments around how many wins typically that we would have with BlueIn Green and vice versa. There's immediate synergies where just going together, we naturally will have a better package to get there. That was our thinking around how we size the market. Now, if you go to the broader longer-term decades, we're talking tens of billions of dollars of opportunity.
The split that we see there is oxygenation is probably about 40%-50% of where that opportunity exists, followed closely by oxidation and pH adjustment as the next two, and odor control being the smallest portion of that because typically, you'd see odor control being combined with one of these other facets of the market.
Okay. That's helpful content there. I guess could you kind of hit quickly on kind of the competitive dynamics of kind of this water treatment market? Maybe both on kind of your side with the vaporization and the cryotanks, and then also on BIG's side as well.
Sure. So it's an interesting market. On our side of things, we would typically come up against, from the equipment perspective, a TOMCO business, so more of a traditional cryogenic equipment provider. On the BlueInGreen side, they have a very, very unique offering.
Frankly, it's much more unique than just the standard equipment that we sold prior to this acquisition. And there's certain other similar kind of slipstream systems that could accomplish the same thing, but the most unique part of this is around the transfer efficiency that BlueInGreen's technology has. And so while there's other alternative solutions, this has certainly been proven, and my comments and the prepared remarks around the third-party validations and those customers that I put in there drive quite a bit of the pipeline.
And the great news on this is you get sticky with these guys, and you prove the efficiency, you prove the footprint, and all the things that we talked about on the call here, and you get a pipeline of opportunities for recurring business that's across a vast number of facilities worldwide.
I'll give you just one example of one of the food customers. Started working with them in 2018, currently have six projects underway with them, and there's another 5-10 sites that are on the near-term horizon, which for BlueInGreen by themselves is somewhere between $5 and $9 million. And then if you add the Chart equipment onto that, you can more than double that content. So it's a really unique combination. It's one of these one plus one doesn't just equal two. It brings us something that the market needs, and we're very differentiated.
Awesome. Good to hear. I'll turn it back over. Thanks, Jill.
All right. Thank you.
As a reminder, ladies and gentlemen, that is star, then one, if you'd like to ask a question at this time. Our next question comes from the line of Marc Bianchi with Cowen. Your line is now open.
Thank you. On the $10 million outlook for 2021, so that's 60% booked at this point, and the business has been growing at 45%, but the outlook for 2022 has it growing at 100%. What's changed there in terms of the uptick? Is there one thing you can point to for BlueInGreen? Maybe it's a certain product demonstration that has caused the growth, or maybe there's a new technology that's involved. Just maybe more color on what gives confidence in that growth there.
So there's really three things. One is what I just commented on around the recurring opportunities with customers that have been extremely satisfied with their first time using the BlueInGreen process and technology. And the second part of that is around the pre-selection.
So over the multiple years of work that they've done, you get preferred positioning, which is primarily based on life cycle cost analysis and written third-party validations. So those municipal and industrial clients that I referenced in both the release as well as the prepared remarks, you have the ability to, without technically being stepped in, have a preferred position.
And Chart Equipment has accomplished similar with some of these same customers and some very different customers. And so there's a high level of synergy between those two. And then the third element is really around the fact that the market itself is accelerating, and there's much more work being done, not just from municipalities but also from the industrial clients.
That links to it’s kind of similar to the hydrogen, hydrogen, hydrogen phenomenon where, starting in May of 2020, all of a sudden, this stuff started to really take off. While maybe not correlated exactly on that timeline, it really is correlated to some of the heightened focus as well as tighter restrictions and tighter rules that are coming out.
Okay. That’s $10 million in 2021, and if all goes well, $20 million in 2022. In the context of this total addressable market that you put out there, what’s the Chart content? Maybe just what’s embedded in your 2021 guidance to give us a sense of where you are today versus what the total addressable market is.
Sure.
Combined between the two businesses, well, year to date, I think we've already booked somewhere around $20-$25 million, and we still have a quarter to go. That's through September. And so you kind of get a sense of what's booked, but we also have what's on the horizon. The other point that I would make is really around content size and the ability of these projects to once you have them, it's very quick to execution.
So these are unlike larger or mid-scale or even small-scale LNG projects. Once you get the order and you're through that seed period, you're able to go from start of order to completion and install in kind of a less than 12-month timeframe. So that also gives us a pretty good line of sight to that. And finally, to be completely transparent, we put $10 million in because we've round.
We're not that good to know exactly how much we have, but our internal forecast specifically to the BlueInGreen business alone without Chart is $12.5 million in 2021.
Gotcha. Okay. Thanks, Jill. And if I could just one more on the M&A, the third M&A opportunity out there, just the way I'm seeing it, it's something that's taking a little bit longer to put together. In terms of materiality, would it be reasonable to conclude that that could be more material than what you've announced here so far with these two?
Well, I'd probably take a tad bit of umbrage on how long things take to put together. In particular, you guys don't know when we start certain things and when we finish them. But this would be the third one we're talking about would be in the $100 million or less headline price size.
Got it. Thanks a lot.
Thanks, Mark.
Our next question comes from Greg Lewis with BTIG. Your line is now open.
Yeah. Thank you, and good afternoon, everybody. Jill, just following up kind of big picture as you think about where the water treatment business is, I guess you alluded that you're probably not going to see many more big acquisitions, at least in the near term. So is it the next step in the process to kind of try to start to partner with some of these larger companies that are out there with these desalination plants? Or how do we think about the company going after kind of taking this to the next step?
Sure.
So obviously, there's other opportunities in this particular market, but it has to make sense for us strategically on how we want to play and what our offering brings, which is why BlueInGreen was such a natural fit for us. I mean, it's one of those where you say, "How often do you get the potential to bring a business in that you're already working together?" And it just expands the addressable market and expands your revenue and earnings content.
So we're fairly selective in that. And I've heard multiple investors and/or analysts that have commented on other potential acquiree's in the water treatment space, but they also bring along with them things like traditional oil field services. And that's really not what we're looking for. We're really looking for addressing this clean energy transition from both a power and water perspective.
With the combination of our two companies and offerings, we'll be continuing to partner with customers as well as others that we might not be able to go direct to a municipality in certain regions, but we're able to go through a third party that owns that relationship. And so you'll see us do more and more on the partnering and collaboration side with those types of players.
But that isn't to say that there aren't other potential acquisitions out there. We tend to try not to signal that too early because everybody says, "Well, when's it going to be done?" You just heard Marc ask how long this stuff takes a while to bake. This is one of those fine lines. It's kind of like big LNG, right?
Hey, yeah, big LNG is out there." And then every quarter, it's, "Why hasn't it happened?" So take it with a little bit of a grain of salt of how much we choose to share from a competitive perspective.
Great. Thank you very much.
I'm showing no further questions in queue at this time. I'd like to turn the call back to Jillian Evanko for closing remarks.
All right. Well, finally, I want to take my closing remarks to address our new team members. So a very warm welcome to the Microbulk team and the BlueInGreen team. As Chris Milligan, who I referenced earlier in the call, BIG CEO who will run the combined water business for Chart, he said it best.
He said, "We'll always be big, but now together, big just got a lot bigger." And for the BlueInGreen team, I've been put up to say this, "Woo pig sooie, Razorbacks." Thanks, everybody. We'll talk to you very soon.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.