Chart Industries, Inc. has signed a definitive agreement to divest its oxygen-related products business within the BioMedical segment to Japanese company NGK Spark Plug Co., Ltd. for $133.5m.
The sale is expected to close within the fourth quarter of 2018 and follows the news last week that Chart will acquire Italy-based VRV s.p.a. and its subsidiaries for €125m (approx. $147m based on current exchange rates).
“This is a logical next step for our business and a strategic decision that will further enable us to concentrate on our core businesses that share common customers, technologies and end markets,” said Jill Evanko, Chart’s President and Chief Executive Officer.
“We are excited to have a strategic buyer in NGK Spark Plug, in particular given their commitment to support and expand their oxygen-related products business.”
A portion of the BioMedical segment related to Chart’s cryogenic products and technological expertise (Cryobiological) is excluded from the sale.
Chart’s Cryobiological product line will be managed by and report through the Distribution & Storage Western Hemisphere segment, effective immediately.
Chart is a leading diversified global manufacturer of highly engineered cryogenic equipment used from the beginning to the end in the liquid gas supply chain.
Chart has domestic operations located in eight US states and international engineering and manufacturing in Australia, China, the Czech Republic, Germany and the UK.