Chart Industries has signed a definite agreement to sell its cryobiological products business MVE Biological Products to Cryoport for $320m.
MVE Biological Products is a leader in manufactured vacuum insulated products and cryogenic freezer systems for the life science industry and will help Cryoport fulfil its mission of being “the life sciences industry’s preeminent partner for temperature-controlled supply chain solutions”.
The divestiture follows the 2018 sale of Chart’s oxygen-related products business, which at the time was a portion of the previous BioMedical segment.
“This is a logical next step in our strategy to stay disciplined in our core cryogenic businesses that share common customers, technologies and end markets,” stated Jill Evanko, Chart’s President and CEO.
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