Ingersoll Rand Completes Two Acquisitions to Enhance Capabilities in High-Growth Sustainable End Markets
04 Oktober 2023 - 2:30PM
Business Wire
- Demonstrates company’s commitment to capital allocation and
achievement of a mid-teens return on invested capital (ROIC) by
year three post-acquisition
- Fits strategically with Ingersoll Rand’s existing portfolio of
mission-critical air compression technologies and technical support
capabilities
Ingersoll Rand Inc. (NYSE: IR), a global provider of
mission-critical flow creation and industrial solutions, has
completed the acquisitions of Oxywise s.r.o. (“Oxywise”) and
Fraserwoods Fabrication and Machining Ltd. (“Fraserwoods”) for a
combined all-cash purchase price of approximately $26 million.
Oxywise, based in Slovakia, increases Ingersoll Rand’s broader
air treatment capabilities with onsite oxygen and nitrogen
generating-systems based on pressure swing adsorption technology,
cylinder filling systems, containerized systems and gas control
solutions. Oxywise has established itself as a leader in attractive
end-markets including medical, laser cutting, industrial and
aquaculture with its gas distribution systems. The 41-person
company has an annual revenue of approximately $10 million.
Fraserwoods provides services, repair and return, and
remanufacturing of blowers and pumps to key original equipment
manufacturers in the vacuum truck market. A majority of the
company’s annual revenue of approximately $4 million comes from
aftermarket services, which is supported by its installed base. The
addition of Fraserwoods and its 13 employees expands Ingersoll
Rand’s technical expertise and service capabilities in western
Canada.
Both Oxywise and Fraserwoods will join Ingersoll Rand’s
Industrial Technologies and Services (IT&S) segment.
“These acquisitions strengthen our company’s core capabilities
and provide opportunities to grow our exposure in high-growth,
sustainable end markets,” said Vicente Reynal, chairman and chief
executive officer of Ingersoll Rand. “We are excited to welcome the
expertise and quality that Oxywise and Fraserwoods are known for in
their respective markets.”
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” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll
Rand”) expectations regarding the performance of its business, its
financial results, its liquidity and capital resources and other
non-historical statements. These forward-looking statements
generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “forecast,” “outlook,”
“target,” “endeavour,” “seek,” “predict,” “intend,” “strategy,”
“plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on
track to” “will continue,” “will likely result,” “guidance” or the
negative thereof or variations thereon or similar terminology
generally intended to identify forward-looking statements. All
statements other than historical facts are forward-looking
statements. 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. 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. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include, among others: (1) adverse impact on our operations and
financial performance due to natural disaster, catastrophe, global
pandemics (including COVID-19), geopolitical tensions, cyber events
or other events outside of our control; (2) unexpected costs,
charges or expenses resulting from completed and proposed business
combinations; (3) uncertainty of the expected financial performance
of the Company; (4) failure to realize the anticipated benefits of
completed and proposed business combinations; (5) the ability of
the Company to implement its business strategy; (6) difficulties
and delays in achieving revenue and cost synergies; (7) inability
of the Company to retain and hire key personnel; (8) evolving
legal, regulatory and tax regimes; (9) changes in general economic
and/or industry specific conditions; (10) actions by third parties,
including government agencies; and (11) other risk factors detailed
in Ingersoll Rand’s most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission (the “SEC”), as such
factors may be updated from time to time in its periodic filings
with the SEC, which are available on the SEC’s website at
http://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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version on businesswire.com: https://www.businesswire.com/news/home/20231004129626/en/
Investor Relations: Matthew.Fort@irco.com
Media: Meghan.Agostinelli@irco.com
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