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Identified growth and cost savings opportunities expected to drive reduction of attractive Adjusted EBITDA purchase multiple to mid-single digits by year three of ownership
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Extends portfolio of high precision pumps and expands penetration of high-growth, sustainable end markets, including life & sciences, food and beverage, medical, water and wastewater treatment
DAVIDSON, N.C.--(BUSINESS WIRE)--
Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has completed the acquisition of the assets of Tuthill Corporation’s Pump Group in an all-cash transaction of $85 million. The employees and brands of the Pump Group will join the Ingersoll Rand Precision and Science Technologies (PST) segment.
“The Pump Group team is a natural next addition to Ingersoll Rand and our PST segment,” said Vicente Reynal, chairman, president and CEO of Ingersoll Rand. “By joining with other Ingersoll Rand brands, we have the immediate opportunity to accelerate the growth of the Pump Group as well as growth initiatives from other complementary brands. I am excited about the value we can drive into the Pump Group and the value they immediately bring to our shareholders.”
Tuthill’s pump group is a market leader in gear and piston pump solutions for sustainable, high growth end markets, including life & sciences, food and beverage, medical and water and wastewater treatment. With approximately 100 employees, annual sales of more than $25 million and two manufacturing locations in Alsip, IL and Ilkeston, UK, the Pump Group is highly complementary to existing PST brands, including MP Pumps, Oberdorfer and ARO, increases PST’s market presence and provides access to new end markets, customers and applications.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including but not limited to, statements that relate to the acquisition of the assets of Tuthill Corporation’s Pump Group, the expected benefits of the transaction, the timing of the transaction and the outcome of anticipated revenue and synergy opportunities. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to: our ability to fully realize the expected benefits of the transaction; negative effects of announcement or consummation of the transaction on the market price of the company’s common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; the impact of the transaction on the company’s employees, customers and suppliers; and the ability of the companies to successfully integrate operations after the transaction. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
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Source: Ingersoll Rand Inc.