Chart Industries to acquire AirSep Corp. for $170M in cash, up to $10M in debt

Chart Industries announced that it has entered into a definitive agreement to acquire privately held AirSep Corp. for $170M in cash and up to $10M in assumed debt. The transaction also includes senior management retention arrangements to ensure business continuity. Highlights are as follows: Supplements the Chart BioMedical Group's oxygen product offerings. Provides growth platform for on-site air separation gas generation for industrial segments. Complements Chart's ongoing investments in energy sector. Expected to be accretive to 2012 earnings, excluding acquisition-related costs. The transaction is expected to be completed in the third quarter of 2012 after satisfaction of certain closing conditions, including expiration of the Hart-Scott-Rodino, or HSR, waiting period. AirSep is expected to add approximately $130M in annual revenues to Chart's BioMedical segment with improved gross margin as compared to Chart's average consolidated gross margin, excluding acquisition-related costs. Revenue and margins are expected to grow in future periods for this business, and Chart expects the acquisition to be accretive to future earnings.