Chart Industries (GTLS) Sells American Fan to Fairbanks Morse Defense for $111M Cash
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Chart Industries Divests American Fan to Fairbanks Morse Defense
October 27, 2023 6:25 AM EDTATLANTA, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS) (Chart) announced that it simultaneously 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 price of $111 million yesterday. The purchase price represents multiples in line with prior Chart transactions. American Fan designs, manufactures, and services high-performance axial and centrifugal fans for enduring U.S. Navy, Military Sealift Command, and U.S. Coast Guard platforms and specialty industrial applications. Cash proceeds have been used for... More
