Flowserve Corporation, a leading provider of flow control products and services for global infrastructure markets, announced it has terminated its previously announced merger agreement to combine with Chart Industries.

This decision follows the Flowserve Board of Directors’ choice not to submit a revised merger offer after being informed that Chart’s Board had determined an unsolicited acquisition proposal from Baker Hughes to be a “superior proposal” under the terms of the merger agreement. As stipulated in the agreement, Flowserve will receive $266 million termination payment.

“Flowserve is executing from a position of clear strength, driven by sustained financial momentum, strong operational performance, and continued robust global demand for our mission-critical flow control solutions across the industrial spectrum,” said Scott Rowe, Flowserve’s President and CEO.

“Our decision not to pursue a revised offer for Chart underscores our commitment to financial discipline and reflects our confidence in the growth prospects of our standalone business. Our results demonstrate the successful execution of our 3D growth strategy—Diversify, Decarbonize, and Digitize—while the Flowserve Business System continues to enhance productivity, expand margins, accelerate decision-making, and unlock long-term value.”