Chart Industries Simultaneously Signs And Closes On Divestiture Of Its American Fan Business To Fairbanks Morse Defense For An All-cash Purchase Price Of $111M
Portfolio Pulse from Benzinga Newsdesk
Chart Industries has sold its American Fan business to Fairbanks Morse Defense for $111M in an all-cash deal. The proceeds have been used to pay down debt. The business operates in Fairfield, Ohio, and all employees will be offered the opportunity to continue employment with FMD.
October 27, 2023 | 10:27 am
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Chart Industries' sale of its American Fan business to Fairbanks Morse Defense for $111M has helped the company reduce its debt. This could potentially improve the company's financial health.
The sale of a business unit for a significant amount and the subsequent use of the proceeds to pay down debt is generally seen as a positive move for a company. It reduces financial risk and can improve the balance sheet, which could potentially make the company more attractive to investors.
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