Ingersoll Rand Inc. 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 plc is an American-Irish domiciled company focused on heating, ventilation, and air conditioning (HVAC) and refrigeration systems. The company traces its corporate history back more than 150 years and was created after a ser ...

) 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 in Mecklenburg, Iredell, and Cabarrus counties, North Carolina, United States. It is a suburb in the Charlotte metropolitan area. The population was 15,106 at the 2020 census, up from 10,944 in 2010. The town was ...

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

History

History of Ingersoll Rand

Simon Ingersoll Simon Ingersoll (March 3, 1818 – July 24, 1894) was an American inventor who created the steam-powered percussion rock drill, which replaced the hand drill and was a major advancement in the mining and construction industries. The drill vastly i ...

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 Tarrytown is a administrative divisions of New York#Village, village in the administrative divisions of New York#Town, town of Greenburgh, New York, Greenburgh in Westchester County, New York, Westchester County, New York (state), New York, Unit ...

. 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, Astoria, Queens, from Randall's and Wards Islands in Manhattan. Etymology The name "Hell Gate" is a corruption of the Low German or Dutch la ...

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 West Point is the oldest continuously occupied military post in the United States. Located on the Hudson River in New York (state), New York, General George Washington stationed his headquarters in West Point in the summer and fall of 1779 durin ...

, 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 on the Hudson Waterfront and Hudson Palisades overlooking the Hudson River. As of the 2020 United States census, the township's po ...

. 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 the German engineer Rudolf Diesel, is an internal combustion engine in which ignition of diesel fuel is caused by the elevated temperature of the air in the cylinder due to mechanical compression; thus, the die ...

for locomotives built by both

General Electric General Electric Company (GE) was an American Multinational corporation, multinational Conglomerate (company), conglomerate founded in 1892, incorporated in the New York (state), state of New York and headquartered in Boston. Over the year ...

and

ALCO The American Locomotive Company (often shortened to ALCO, ALCo or Alco) was an American manufacturer that operated from 1901 to 1969, initially specializing in the production of locomotives but later diversifying and fabricating at various time ...

History of Gardner Denver

Robert Gardner founded the Gardner Governor Company in 1859 in

Quincy, Illinois Quincy ( ) is a city in Adams County, Illinois, United States, and its county seat. Located on the Mississippi River, the population was 39,463 as of the 2020 United States census, 2020 census, down from 40,633 in 2010. The Quincy, Illinois, mic ...

and introduced the first effective speed controls for

steam engine A steam engine is a heat engine that performs Work (physics), 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 (locomotive), cyl ...

s. This innovation, known as the flyball governor, helped pave the way for the later production of other industrial products such as

air compressor An air compressor is a machine that takes ambient air from the surroundings and discharges it at a higher pressure. It is an application of a gas compressor and a Pneumatics, pneumatic device that energy conversion, converts mechanical power (from ...

s. 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 Dresser Industries was a multinational corporation headquartered in Dallas, Texas, United States, which provided a wide range of technology, products, and services used for developing energy and natural resources. In 1998, Dresser merged with its ...

yielded no agreement, and the same outcome occurred with

Cooper-Bessemer Cooper-Bessemer was a brand of industrial engines and compressors manufactured in Mount Vernon, Ohio. The Cooper-Bessemer Corporation was formed when the C. & G. Cooper Company (founded in 1833) and the Bessemer Gas Engine Company (founded in 189 ...

. In 1979, Gardner Denver was acquired by C-B's successor,

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 Company, Cro ...

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. L.P. in 2013. Gardner Denver returned to public ownership in 2017 through an initial public offering. Flowserve purchased Ingersoll-Dresser Pumps, a business unit of Ingersoll-Rand Co., for $775 million in the year 2000, creating the world’s second largest pump company. (https://www.flowserve.com/en/about-flowserve/company/history/)

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 is the term for a type of financial transaction in United States law that combines a divisive reorganization (spin-off) with an acquisitive reorganization ( statutory merger) to allow a tax-free transfer (in the guise of a m ...

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 all 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 Club Car is an American company that manufactures electric and gas-powered golf carts and small utility vehicles for personal and commercial use. It is currently owned by Platinum Equity after being acquired in 2021. Before that, the company wa ...

, 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 Friuli (; ; or ; ; ) is a historical region of northeast Italy. The region is marked by its separate regional and ethnic identity predominantly tied to the Friulians, who speak the Friulian language. It comprises the major part of the autono ...

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

which specializes in

chillers A chiller is a machine that removes heat from a liquid coolant via a vapor-compression, adsorption refrigeration, or absorption refrigeration cycles. This liquid can then be circulated through a heat exchanger to cool equipment, or another pr ...

and

dryers Dryer (or drier) may refer to: Drying equipment * Hair dryer * Hand dryer * Clothes dryer, also known as a tumble-dryer * Belt dryer * Desiccant, a substance that absorbs or adsorbs water * Grain dryer, for storage grain bins * Oil drying agent, a ...

. 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

External links

{{authority control Companies listed on the New York Stock Exchange Manufacturing companies established in 1859 Machine manufacturers Manufacturing companies based in Illinois 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 1905 mergers and acquisitions