Chart sells Roots™ business to Ingersoll Rand for $300m
Chart Industries has signed a definitive agreement to sell its Roots™ business to air and gas compressor manufacturer Ingersoll Rand for an all-cash purchase price of $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, said, “We are excited to have executed a definite agreement in Q2 2023 to sell Roots.”
Evanko added that the sale is another key step in accelerating Chart’s deleveraging plan while simultaneously allowing the company to focus on its core solution offering and integration efforts.
Vicente Reynal, Chairman and CEO of Ingersoll Rand, notes that the acquisition will expand its low-pressure compression and vacuum product offerings.
He described the acquisition as a “win-win” for both companies.
The transaction is subject to customary closing conditions and is expected to close in Q3 2023.
