Chart Industries has signed and closed on the divestiture of its American Fan business to Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, for an all-cash purchase of $111m.
American Fan designs, manufactures, and services high-performance axial and centrifugal fans for enduring US Navy, Military Sealift Command, and US Coast Guard platforms and specialty industrial applications. The business operates in a dedicated facility in Fairfield, Ohio, which was included in the transaction.
The purchase price represents multiples in line with prior Chart transactions. Cash proceeds have been used for debt paydown.
Jill Evanko, CEO and President of Chart Industries, said the transaction brings Chart’s 2023 proceeds from divestitures to approximately $500m for debt reduction, as originally anticipated and within seven months following the acquisition of Howden.
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