Ingersoll Rand

Summary

Ingersoll Rand Inc.
TypePublic
ISINUS45687V1061
IndustryDiversified Machinery
Founded1859
FounderRobert Gardner
Headquarters,
U.S.
Key people
Vicente Reynal (CEO)
ProductsCompressor, vacuum and blower solutions; specialized gas and fluid management systems; liquid and precision pumps and compressors; power tools and lifting equipment
RevenueIncrease US$4.910 Billion (Fiscal Year Ended 31 December 2020)[1]
Decrease US$316.700 Million (Fiscal Year Ended 31 December 2020)[1]
DecreaseUS$33.300 Million (Fiscal Year Ended 31 December 2020)[1]
Total assetsIncrease US$16.058 Billion (Fiscal Year Ended 31 December 2020)[1]
Total equityIncrease US$1.869 Billion (Fiscal Year Ended 31 December 2020)[1]
Number of employees
15,900[2]
DivisionsIndustrial Technologies and Services
Precision and Science Technologies
Websiteirco.com
Footnotes / references
[3]

Ingersoll Rand Inc., is a multinational company that provides mission-critical flow creation products and industrial solutions. The company was formed in February 2020 through the merger of the Industrial segment of Ingersoll-Rand Plc (now known as Trane Technologies) and Gardner Denver (Gardner Denver Holdings Inc). Its products are sold under more than 40 brands across all major global markets.

Based in Davidson, North Carolina, Ingersoll Rand operates in two segments: Industrial Technologies and Services and Precision and Science Technologies.[4]

History

History of Ingersoll Rand

Simon Ingersoll founded Ingersoll Rock Drill Company in 1871 in New York, and in 1888, it combined with Sergeant Drill to form Ingersoll Sergeant Drill Company. The Ingersoll Sergeant Drill Company introduced the world's first direct-connected, electronic motor-driven compressor.

Also in 1871, brothers Addison Rand and Jasper Rand, Jr. established Rand Drill Company with its main manufacturing plant in Tarrytown, New York. Rand drills cleared New York's treacherous Hell Gate channel and were used in the construction of water aqueducts for New York City and Washington, D.C., and tunnels in Haverstraw and West Point, New York, and in Weehawken, New Jersey.

In 1905 Ingersoll-Sergeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand.

History of Gardner Denver

Robert Gardner founded the Gardner Governor Company in 1859 in Quincy, Illinois and introduced the first effective speed controls for steam engines.[5] This innovation, known as the flyball governor, helped pave the way to later production of other industrial products such as air compressors. By the turn of the century, the company sold more than 150,000 governors across the United States and Canada.

The Gardner Governor Company merged with the Denver Rock Drill Company in1927 to form Gardner-Denver.

Gardener Denver grew during the early decades of the 1900s and transformed through acquisitions. In 1943, Gardner Denver was listed on the New York Stock Exchange for the first time.

The Company underwent several transformations in the late 1900s and early 2000s. In 1979, Gardner Denver was acquired by Cooper Industries, Inc. Cooper spun-off the Gardner Denver Industrial Machinery Division as an independent company in 1994. Gardner Denver, Inc. traded on the New York Stock Exchange until it was acquired by private equity firm Kohlberg Kravis Roberts & Co. L.P. in 2013. Gardner Denver returned to public ownership in 2017 through an initial public offering.

Merger of Ingersoll Rand's Industrial Segment and Gardner Denver

In April 2019, Ingersoll-Rand Plc and Gardner Denver Holdings, Inc. announced an agreement through which Ingersoll Rand's Industrial segment would be spun-off and merged with Gardner Denver in a Reverse Morris Trust transaction. This transaction was completed on February 29, 2020.

Business segments

As of July 2021, Ingersoll Rand operates with two business segments.

  • The Industrial Technologies and Services (ITS) segment designs, manufactures, markets and services a broad range of air and gas compression, vacuum and blower products, fluid transfer equipment, loading systems, power tools and lifting equipment. The principal brands include Ingersoll Rand, Gardner Denver, CompAir, Nash and Elmo Rietschle.
  • The Precision and Science Technologies (PST) segment designs, manufactures and markets specialized positive displacement pumps, fluid management equipment, liquid and precision syringe pumps and compressors, and aftermarket parts. Principal brands include Milton Roy, Haskel, ARO, Thomas, Welch, Dosatron, YZ, SEEPEX and others.

In April 2021, a controlling interest in its High Pressure Solutions segment was to American Industrial Partners for $278 million.

In June 2021, Club Car, previously Ingersoll Rand's Specialty Vehicles Technologies segment, was sold to Platinum Equity Advisors, LLC for $1.68 billion.

References

  • Gardner Denver 1859-2009 Sesquicentennial, 150 Years of Industrial Innovation, Donning Company Publishers, 2009
  • Gardner Denver press release: "KKR Completes Acquisition of Gardner Denver" http://www.gardnerdenver.com/company/news___events/
  • Bloomberg Press releases for Gardner Denver, Inc. https://www.bloomberg.com/topics/companies/GDI:US
  • MSN money article "Gardner Denver, Inc. Reports Preliminary First Quarter 2009 Financial Results" http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=MW&date=20090423&id=9833173[permanent dead link]
  • Gardner Denver press release; "Gardner Denver, Inc. Announces Manufacturing Consolidation Project" http://www.marketwire.com/press-release/Gardner-Denver-Inc-NYSE-GDI-973780.html
  • Ingersoll Rand Products: https://airvacuum.com.vn/en/ingersoll-rand
  1. ^ a b c d e "Ingersoll Rand, Inc. 2020 Annual Report" (PDF). Ingersoll Rand. 31 December 2020. Retrieved 27 August 2021.
  2. ^ https://fortune.com/company/gardner-denver/fortune500/[bare URL]
  3. ^ "Ingersoll Rand Inc. (IR)". Yahoo! Finance.
  4. ^ "Ingersoll Rand Inc". U.S. Securities and Exchange Commesion.
  5. ^ Standard & Poor's Smallcap 600 Guide. McGraw-Hill. 1999. ISBN 978-0-07-052763-8.

External links

  • Official website
  • Business data for Ingersoll Rand Inc.:
    • Google Finance
    • Yahoo! Finance
    • Bloomberg
    • Reuters
    • SEC filings