September 4, 2009 (FinancialWire) — Chart Industries, Inc. (NASDAQ: GTLS) wholly-owned subsidiary, CAIRE Inc., which operates under its BioMedical segment, has entered into a definitive agreement with Covidien (NYSE: COV) to acquire their oxygen therapy products, including the design, manufacturing, and sales and service functions worldwide.

The acquisition includes products sold under the leading Companion(tm) and HELiOS(tm) brands. Financial terms of the transaction were not disclosed.

“We are very excited to acquire the Companion(tm) and HELiOS(tm) liquid oxygen therapy brands, which are well respected in the market,” said Sam Thomas, chairman, CEO and president of Chart Industries. “This transaction will allow us to strategically expand our oxygen therapy product offering while leveraging our existing operating footprint and substantially increasing BioMedical’s sales by over 50% to an expected annual run rate of approximately $150 million.” Thomas further stated, “We expect to complete the integration of these operations, including a cost structure that is more in line with our oxygen therapy business, towards the end of 2010.”

Completion of the transaction is subject to customary closing conditions, with closing expected by the end of 2009. This acquisition is expected to be slightly accretive to Chart’s 2010 earnings, excluding non-recurring integration costs.

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