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Chart to divest oxygen-related products business to NGK Spark Plug

Published by , Editorial Assistant
Hydrocarbon Engineering,

Chart Industries Inc. has announced that it has signed a definitive agreement to divest its oxygen-related products business within the BioMedical segment to NGK Spark Plug Co. Ltd for US$133.5 million.

The sale is expected to close within 4Q18, following the satisfaction of customary closing conditions, including regulatory requirements.

The sale of the oxygen-related products is a reallocation of capital from that business to a strategic addition to Chart VRV s.p.a., for which a definitive acquisition agreement was previously announced.

A portion of the BioMedical segment related to Chart’s cryogenic products and technology (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.

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