Ingersoll Rand (NYSE:IR)
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By Chris Wack
Ingersoll-Rand Plc (IR) said Monday it agreed to acquire Precision Flow Systems from funds advised by BC Partners Advisors L.P. and Carlyle Group for $1.45 billion.
The Ireland-based company said Precision Flow Systems generated sales of about $400 million in 2018, has about 1,000 employees and operates seven global manufacturing locations.
Precision Flow would combine with Ingersoll-Rand's fluid management business, which designs, manufactures, and markets pumps for specialized fluid handling applications under the ARO brand.
Ingersoll Rand plans to fund the proposed acquisition through cash on hand and debt.
The acquisition is expected to close in mid-2019, and is seen accretive to Ingersoll-Rand's earnings in the first year.
Write to Chris Wack at email@example.com
(END) Dow Jones Newswires
February 11, 2019 06:58 ET (11:58 GMT)
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