Ingersoll Rand

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.

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., as well as 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.

In the 1920s, Ingersoll Rand supplied diesel engines for locomotives built by both General Electric and ALCO.

In 2000, Flowserve purchased Ingersoll-Dresser Pumps, a business unit of Ingersoll Rand, for $775 million, creating the world’s second largest pump company.

History of Gardner Denver

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

The Gardner Governor Company merged with the Denver Rock Drill Company in 1927 to form Gardner-Denver.

Gardner 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.

In the late 1950s, merger negotiations with Dresser Industries yielded no agreement, and the same outcome occurred with Cooper-Bessemer. In 1979, Gardner Denver was acquired by C-B's successor, Cooper Industries Inc. In 1994, Cooper spun off the Gardner Denver Industrial Machinery Division as an independent company.

Gardner Denver Inc traded on the New York Stock Exchange until it was acquired by private equity firm Kohlberg Kravis Roberts & Co. (KKR & Co.) in 2013 for $3.9 billion. Gardner Denver returned to public ownership in 2017 through an initial public offering (IPO), with KKR & Co retaining a 35% stake. Deferred stock units were granted to permanent employees, some 6,000 people, as part of KKR & Co.'s "employee engagement strategy", which came to be worth approximately $100 million following the IPO.

Merger of Ingersoll Rand's Industrial Segment and Gardner Denver

In 2020, Gardner Denver merged with Ingersoll-Rand plc's industrial segment through a Reverse Morris Trust transaction, and took on the name of Ingersoll Rand. The new company was worth $15 billion, $150 million in stock were granted to some 16,000 employees.

Ingersoll-Rand plc's HVAC segment, which brought in $12.8 billion in revenue in 2018, became Trane Technologies.

In 2021, KKR & Co. divested from Ingersoll Rand, having made a profit of $4 billion since it acquired Gardner Denver in 2013.

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 sold to American Industrial Partners for $278 million. Ingersoll Rand retained a 45% stake.

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

In October 2022, Ingersoll Rand announced it would acquire Everest Group, an India-based manufacturer of blowers and vacuum systems and Airmax Groupe, a French manufacturer of compressed air systems.

In February 2024, Ingersoll Rand acquired Friulair, a company out of Friuli, Italy which specializes in chillers and dryers. Ingersoll Rand paid a lump sum of $146 million.

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
• 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

References

1. (February 19, 2025). "Ingersoll Rand Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission.
2. "Ingersoll Rand Inc". U.S. Securities and Exchange Commesion.
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4. "Company Overview {{!}} Flowserve".
5. (1999). "Standard & Poor's Smallcap 600 Guide". McGraw-Hill.
6. Nair, Aishwarya. (27 June 2023). "Circor sticks with sale to KKR despite higher Arcline bid". [[Reuters]].
7. Gottfried, Miriam. (28 April 2019). "Gardner Denver Nears Deal to Merge With Ingersoll-Rand Division". [[Dow Jones & Company]].
8. Karsh, Melissa. (16 August 2021). "In New Twist, Private Equity Shares Its Windfall With Hourly Employees". [[Bloomberg News]].
9. Jia, Jim. (30 April 2019). "Gardner Denver Nears Deal to Merge With Ingersoll-Rand Division". [[Bloomberg Law]].
10. (2021). "The American Business Awards".
11. (2022-10-27). "Ingersoll Rand to Acquire Everest Group and Airmax Groupe".
12. (February 1, 2024). "Ingersoll Rand Acquires Friulair to Expand Air Treatment Capabilities". Business Wire.