Chart Industries, Inc. GTLS shares are trading higher Monday after the company announced it signed a definitive agreement with Ingersoll Rand IR to sell its Roots business for $300 million.
What To Know: Roots is a leading provider of low-pressure compression and vacuum technologies.
Ingersoll Rand will assume ownership of the Connersville, Indiana manufacturing facility and retain approximately 300 team members.
"We are excited to have executed a definitive agreement in the second quarter 2023 to sell Roots, which is another key step in accelerating our deleveraging plan while simultaneously allowing us to focus on our core strategic solution offering and integration efforts," stated Jill Evanko, Chart's CEO and President. "We also are thrilled that the business will be owned by Ingersoll Rand, a proven strategic partner and a company that will care for the Roots' team members."
The transaction is expected to close in the third quarter 2023.
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GTLS Price Action: Shares of Chart Industries were up 7.97% at $141.97 at the time of publication, according to Benzinga Pro.
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