2023-06-12 08:43:27 ET
Ingersoll Rand ( NYSE: IR ) agreed to buy Howden Roots from Chart Industries ( NYSE: GTLS ) for an all-cash purchase price of about $300 million.
Roots provides low-pressure compression and vacuum technologies. Its yearly revenue is about $115 million, Ingersoll Rand announced.
Ingersoll Rand's ( IR ) stock rose 1.3% to $63.25 a share in premarket trading.
“This complementary acquisition expands our low-pressure compression and vacuum product offerings and adds centrifugal compression capabilities,” Vicente Reynal, chairman and CEO of Ingersoll Rand ( IR ), said in a statement.
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Ingersoll Rand to buy Howden Roots from Chart Industries for $300M