Chart Announces Sale of Qdrive Technologies

Chart Industries, Inc. (CSA CSM) has completed the sale of certain assets related to its Qdrive® set of products to RIX Industries. For the past several years Chart has developed and supplied QDrive technologies to RIX in support of liquid oxygen systems for military applications. Qdrive operations currently located in Troy NY will be relocating to RIX’s facilities in Benicia CA.

According to the terms, Chart will retain 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,” says Earl Lawson, Chart’s president of biomedical. “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.”