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Loaction:Home » Engineering News » Ingersoll Rand acquires Tuthill vacuum and blower business

Ingersoll Rand acquires Tuthill vacuum and blower business

管理员:煜科管理人气:37发表时间:2021-09-30 16:53

Ingersoll Rand Inc. (NYSE: IR and Tuthill Corporation have entered into an agreement to acquire their vacuum and blower businesses for $184 million (RMB 1.2 billion) in cash. Subject to regulatory approvals and third party consents, the acquisition is expected to close in the first quarter or earlier next year.

"We are very pleased to have the Tuthill vacuum and blower business team join the Ingersoll Rand family. "This transaction delivers on the promise of our accelerated growth plan and demonstrates our ability to pursue premium and iconic industrial brands with strong complementary technology and commercial growth opportunities." Vicente Reynal, chief executive of Ingersoll Rand, said.

"Consistent with our strict capital allocation strategy, we are paying multiples that are broadly consistent with previous acquisitions and expect that this transaction will provide similar opportunities to generate return on capital and reduce post-acquisition multiples in the years ahead. Overall, we are proud of the near-term and long-term value this acquisition promises to deliver to our shareholders."

Tuthill vacuum and blower business is a leader in the design and manufacture of positive displacement blowers, mechanical vacuum pumps, vacuum boosters and engineering systems. Headquartered in Springfield, Mo., Tuthill's vacuum and blower business has about 160 employees and annual revenue of about $60 million. Upon completion of the transaction, employees and brands from Tuthill's vacuum and blower business will join Ingersoll Rand's Industrial Technology and Services (IT&S) division.

"Customers in this segment need a mix of technologies to meet specific needs," said Gary Gillespie, vice president and General manager of IT&S Americas operations. . "The addition of tuthill's vacuum and blower business team, product portfolio, technical and application expertise will provide customers with a broader range of critical process technology solutions that improve durability, accuracy and value. We are honored to bring these two teams together with a focus on making our customers, partners and employees count on us to help them make their lives better."

The acquisition will further strengthen Ingersoll Rand's IT&s division, which produces and services compressor, vacuum and blower solutions for a variety of applications. The Tuthill vacuum and blower business will expand Ingersoll Rand's vacuum product and application expertise to better serve customers who require deeper technical support in a variety of application areas, including plastics, food processing, chemicals and wastewater treatment. In addition, the acquisition will expand the company's global blower channel coverage, providing global customers with more options to meet their needs.

Steven Westfall, CEO and President of Tuthill Group, commented, "Our springfield operation is filled with dedicated professionals whose talents are unique. It was very difficult to say goodbye to the vacuum blower team and I am sure they will find a great new home as part of the Ingersoll Rand team."

Shanghai Yuke sells Tuthill vacuum and blower products and has been cooperating with Tuthill China since its establishment in 2007. The cooperative products include gear pump, fuel pump, elliptical gear flow meter, Roots blower, vacuum pump and other products. With the integration of Tuthill vacuum and blower products into Ingersoll Rand, we believe that we will provide better services and better products to this business unit. We will continue to sell Tuthill vacuum and blower products.