ATLANTA, June 14, 2017 (GLOBE NEWSWIRE) -- Chart Industries, Inc. ("Chart") (Nasdaq:GTLS) today announced that it has completed the sale of certain assets related to its Qdrive® set of products to RIX Industries ("RIX").
For the past several years Chart has developed and supplied QDrive® technologies to RIX in support of liquid oxygen systems for military applications.
Chart retains the rights to a limited set of technology that will allow for the continued development and manufacturing of certain products in its Biomedical product suite.
"We have built a great partnership with RIX over the years and this transaction will allow both of our companies to focus on delivering high-quality products and services to our valued customers," stated Earl Lawson, Chart's President of Biomedical. Mr. Lawson continued, "This is part of our strategic efforts to focus our energy on our core businesses while improving efficiency. We are very pleased with the outcome and expect to continue the strong partnership with RIX as we move forward."
The Qdrive® operations located in Troy, NY will be relocating to RIX's facilities in Benicia, CA.
Future Qdrive® inquiries can be directed to RIX Industries:
Terry Allvord, Director, Business Development
Gordon Reid, Director, Cryogenic Products
4900 Industrial Way
Benicia, CA 94510
Certain statements made in this news release are, or imply forward-looking statements, such as statements concerning business plans, market trends, performance, and other information that is not historical in nature. These statements are made based on Chart's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as vulnerability of markets to economic downturns, a delay or reduction in customer purchases, competition, fluctuations in energy prices or changes in government energy policy, management of fixed-price contract exposure, reliance on the availability of key supplies and services, pricing and availability of raw materials, and modification or cancellation of customer contracts. For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart's filings with the Securities and Exchange Commission, including Item 1A - Risk Factors, of Chart's most recent Annual Report on Form 10-K. Chart undertakes no obligation to update or revise any forward-looking statement.
Chart is a leading independent global manufacturer of highly engineered equipment for the industrial gas, energy, and biomedical industries. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia, Europe and South America. For more information, visit: http://www.chartindustries.com.
Chief Financial Officer
Source: Chart Industries, Inc.