Ingersoll Rand is an American multinational company that provides flow creation and industrial products. The company was formed in February 2020 through the spinoff of the industrial segment of Ingersoll-Randplc (now known as

Trane Technologies Trane Technologies is an Irish-domiciled holding company focused on the manufacturing of heating, ventilation, and air conditioning (HVAC) and refrigeration systems. The company traces its corporate history back more than 150 years and was cre ...

) and its merger with Gardner Denver. Its products are sold under more than 40 brands across all major global markets. Based in

Davidson, North Carolina Davidson is a suburban town located in northern Mecklenburg and Iredell counties, North Carolina, United States, on the banks of Lake Norman. It is a suburb in the Charlotte metropolitan area. The population was 10,944 at the 2010 census, an ...

, Ingersoll Rand operates in two segments: Industrial Technologies and Services and Precision and Science Technologies.

History

History of Ingersoll Rand

Ingersoll-Sergeant_steam_drill_Fig_7_WBClark_1898

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 Tarrytown is a village in the town of Greenburgh in Westchester County, New York. It is located on the eastern bank of the Hudson River, approximately north of Midtown Manhattan in New York City, and is served by a stop on the Metro-North ...

. Rand drills cleared New York's treacherous

Hell Gate Hell Gate is a narrow tidal strait in the East River in New York City. It separates Astoria, Queens, from Randall's and Wards Islands. Etymology The name "Hell Gate" is a corruption of the Dutch phrase ''Hellegat'' (it first appeared on ...

channel and were used in the construction of water aqueducts for New York City and Washington, D.C., and tunnels in

Haverstraw Haverstraw is a town in Rockland County, New York, United States, located north of the Town of Clarkstown and the Town of Ramapo; east of Orange County; south of the Town of Stony Point; and west of the Hudson River. The town runs from the w ...

and

West Point, New York West Point is the oldest continuously occupied military post in the United States. Located on the Hudson River in New York, West Point was identified by General George Washington as the most important strategic position in America during the Ame ...

, and in

Weehawken, New Jersey Weehawken is a township in the northern part of Hudson County, in the U.S. state of New Jersey. It is located largely on the Hudson Palisades overlooking the Hudson River. As of the 2020 United States census, the population was 17,197.

. In 1905, Ingersoll-Sergeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. In the 1920s, Ingersoll Rand supplied

diesel engines The diesel engine, named after Rudolf Diesel, is an internal combustion engine in which ignition of the fuel is caused by the elevated temperature of the air in the cylinder due to mechanical compression; thus, the diesel engine is a so-call ...

for locomotives built by both

General Electric General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable ene ...

and

ALCO The American Locomotive Company (often shortened to ALCO, ALCo or Alco) was an American manufacturer of locomotives, diesel generators, steel, and tanks that operated from 1901 to 1969. The company was formed by the merger of seven smaller locomo ...

History of Gardner Denver

Robert Gardner founded the Gardner Governor Company in 1859 in

Quincy, Illinois Quincy ( ), known as Illinois's "Gem City", is a city in and the county seat of Adams County, Illinois, United States, located on the Mississippi River. The 2020 census counted a population of 39,463 in the city itself, down from 40,633 in 2010. ...

and introduced the first effective speed controls for

steam engine A steam engine is a heat engine that performs mechanical work using steam as its working fluid. The steam engine uses the force produced by steam pressure to push a piston back and forth inside a cylinder. This pushing force can be ...

s. This innovation, known as the

flyball governor A centrifugal governor is a specific type of governor with a feedback system that controls the speed of an engine by regulating the flow of fuel or working fluid, so as to maintain a near-constant speed. It uses the principle of proportional cont ...

, helped pave the way to later production of other industrial products such as

air compressor An air compressor is a pneumatic device that converts power (using an electric motor, diesel or gasoline engine, etc.) into potential energy stored in pressurized air (i.e., compressed air). By one of several methods, an air compressor forces m ...

s. 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 Cooper Industries was an American worldwide electrical products manufacturer headquartered in Houston, Texas. Founded in 1833, the company had seven operating divisions including Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG ex ...

, 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. jointly announced an agreement through which Ingersoll Rand's Industrial segment would be spun-off and merged with Gardner Denver in a

Reverse Morris Trust A Reverse Morris Trust in United States law is a transaction that combines a divisive reorganization (spin-off) with an acquisitive reorganization ( statutory merger) to allow a tax-free transfer (in the guise of a merger) of a subsidiary. It may b ...

transaction. The merger transaction was completed on February 29, 2020.

Employee Ownership Initiatives

When Gardner Denver completed its initial public offering in May 2017, it granted deferred stock units to substantially all permanent employees. The grant had a value of approximately $100 million. Following the merger in 2020, the company granted stock units worth approximately $150 million to substantially of its 16,000 global employees that had not already received equity-based incentive awards. The amount of the equity grant, equal to approximately 20% of its employee's pay, was one of the largest equity grants ever given to employees in an industrial company.

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. 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 compressed air systems.

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

External links

* {{authority control Companies listed on the New York Stock Exchange Manufacturing companies established in 1859 Machine manufacturers Manufacturing companies based in Illinois Cooper Tools brands Companies based in Adams County, Illinois Manufacturing companies based in Wisconsin Companies based in Milwaukee Gas compressors American companies established in 1859 2013 mergers and acquisitions 2017 initial public offerings Kohlberg Kravis Roberts companies Corporate spin-offs Mining equipment companies Tool manufacturing companies of the United States