Chart Industries has signed a definitive agreement to sell its Roots™ business to air and gas compressor manufacturer Ingersoll Rand for an all-cash purchase price of $300m.
The Roots™ business provides low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand will assume ownership of the Connersville, Indiana, manufacturing facility.
In addition to the site, the company will also retain approximately 300 team members.
Jill Evanko, CEO and President of Chart Industries, said, “We are excited to have executed a definite agreement in Q2 2023 to sell Roots.”
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