Connersville plant part of Ingersoll Rand acquisition
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North Carolina-based Ingersoll Rand Inc. this week announced a planned $300 million acquisition of the Roots business of Chart Industries Inc. in Atlanta, Georgia.
As part of the deal, Ingersoll Rand said will assume ownership of the Roots manufacturing facility in Connersville and retain its 300 workers.
Roots, which dates back to 1854, manufactures low-pressure compression and vacuum technologies. The brand was previously operated by Chart Industries subsidiary Howden.
“We have long admired Roots and are thrilled to add this iconic brand to our portfolio,” Ingersoll Rand CEO Vicente Reynal said in a news release. “This complementary acquisition expands our low-pressure compression and vacuum product offerings and adds centrifugal compression capabilities. I am especially excited about Roots’ differentiated expertise in green steel and the opportunities that creates for other parts of our business.”
Jill Evanko, CEO of Chart Industries said the sale is another key step in the company’s deleveraging plan and allows for continued focus on its core strategic solutions.
“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,” Evanko said.
It was not immediately clear if any other Indiana operations would be affected by the deal, or if there are plans to grow the Connersville operation. The companies did not respond to a request for more information from Inside INdiana Business by deadline Thursday.
The acquisition remains subject to customary closing conditions, and is expected to close in the third quarter.