Chart Industries Inks Definitive Agreement To Sell Its Roots Business To Ingersoll Rand For An All-cash Purchase Price Of $300M
Portfolio Pulse from Benzinga Newsdesk
Chart Industries has signed a definitive agreement to sell its Roots business to Ingersoll Rand for $300 million in an all-cash deal. The transaction is expected to close in Q3 2023, with Ingersoll Rand taking over the Connersville manufacturing facility and retaining around 300 employees.
June 12, 2023 | 11:32 am
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Chart Industries is selling its Roots business to Ingersoll Rand for $300 million, with the deal expected to close in Q3 2023.
The sale of the Roots business will provide Chart Industries with a significant cash infusion, which could be used for further investments or to strengthen its balance sheet. This is likely to have a positive impact on GTLS stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ingersoll Rand is acquiring Chart Industries' Roots business for $300 million, with the transaction expected to close in Q3 2023.
The acquisition of the Roots business will expand Ingersoll Rand's product portfolio and potentially increase its market share in the low-pressure compression and vacuum technologies sector. This is likely to have a positive impact on IR stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100