Chart Industries, Inc. has completed the divestiture of its oxygen-related products business CAIRE Medical to Japanese company NGK SPARK PLUG CO., LTD. for $133.5m.
The divestiture of CAIRE Medical was part of a strategic decision by the US company Chart to focus on its core cryogenic capabilities and offerings after it announced the acquisition of Italy-based VRV S.r.l. and its subsidiaries for €125m (approx. $147m based on current exchange rates) in September and which was completed earlier in December.
A portion of the BioMedical segment related to Chart’s cryogenic products and technological expertise (Cryobiological) is excluded from the sale and will remain within Chart’s Distribution & Storage Western Hemisphere segment.
“We are pleased to have concluded the CAIRE Medical sale process and now focus more resources on growing our core businesses of Energy & Chemicals and Distribution & Storage East and West, including capturing the synergies from our recent acquisition of VRV,” said Jill Evanko, Chart’s President and Chief Executive Officer.
Chart is a global manufacturer of highly engineered equipment for the industrial gas, energy, and biomedical industries.
The American company has domestic operations located in eight US states and international engineering and manufacturing in Australia, China, the Czech Republic, Germany and the UK.