Chart to sell Roots business to Ingersoll Rand
Published by Callum O'Reilly,
Senior Editor
Hydrocarbon Engineering,
Chart Industries Inc. has announced that it has signed a definitive agreement to sell its Roots™ business to Ingersoll Rand Inc. for an all-cash purchase price of US$300 million.
The transaction, which is subject to customary closing conditions, is expected to close in 3Q23.
Roots is a leading provider of low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand will assume ownership of the manufacturing facility in Connersville, Indiana, US, which is dedicated to Roots products, as well as retain approximately 300 team members.
“We are excited to have executed a definitive agreement in the second quarter 2023 to sell Roots, which is another key step in accelerating our deleveraging plan while simultaneously allowing us to focus on our core strategic solution offering and integration efforts,” said Jill Evanko, Chart’s CEO and President. “We also are thrilled that the business will be owned by Ingersoll Rand, a proven strategic partner and a company that will care for the Roots’ team members.”
“We have long admired Roots and are thrilled to add this iconic brand to our portfolio. This complementary acquisition expands our low-pressure compression and vacuum product offerings and is a great example of our partnership with Chart, where the acquisition was a win-win for both companies,” said Vicente Reynal, Chairman and CEO of Ingersoll Rand.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12062023/chart-to-sell-roots-business-to-ingersoll-rand/
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