Chart Industries sells Roots™ Business to Ingersoll Rand
Chart Industries has completed the sale of its Roots™ business to Ingersoll Rand for $300m.
The Roots™ business provides low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand will assume ownership of the Connersville, Indiana, manufacturing facility.
In addition to the site, the company will also retain approximately 300 team members.
Jill Evanko, CEO and President of Chart Industries, described the sale as a key step in the acceleration of Chart’s deleveraging plan.
“This is one of many steps that allow us to anticipate reaching our target 2.5 to 2.9 net leverage ratio by the middle of 2024 as well as focusing on achieving our year-one annualised cost and commercial synergy targets of $175m and $150m, respectively,” she added.
The Roots business was moved to discontinued operations effective as of March 17, 2023.
Chart Industries first announced its intention to sell the Roots™ business in June (2023), when it was described as a “win-win” for both companies.
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