Ingersoll Rand

Ingersoll Rand Inc. is a global industrial technology company focused on equipment and services used to compress, move, manage, and process air, gases, fluids, and other materials. The present company was created in February 2020 when the industrial segment of Ingersoll-Rand plc was separated from the parent company and combined with Gardner Denver through a Reverse Morris Trust transaction. The resulting business adopted the Ingersoll Rand name, while the former parent’s climate-control and HVAC operations became Trane Technologies. The company’s corporate identity draws on two long industrial histories. Ingersoll’s roots extend to Simon Ingersoll’s Ingersoll Rock Drill Company, established in New York in 1871. That business combined with Sergeant Drill in 1888. Separately, Addison Rand and Jasper Rand Jr. founded Rand Drill Company in 1871. The two drilling businesses merged in 1905 to create Ingersoll Rand. Over time, the historical company expanded beyond rock drills into compressors, pumps, engines, tools, and other industrial systems. Its equipment was used in major construction and infrastructure projects, while its engines were supplied for locomotives built by General Electric and the American Locomotive Company during the 1920s. Gardner Denver, the other foundation of the modern company, originated with Robert Gardner’s Gardner Governor Company, founded in Quincy, Illinois, in 1859. The company developed speed-control equipment for steam engines and later moved into air compressors and related industrial machinery. Gardner Governor merged with Denver Rock Drill Company in 1927 to form Gardner-Denver. After periods of expansion, ownership changes, and separation from Cooper Industries, Gardner Denver became an independent public company in 1994, was acquired by KKR in 2013, and returned to the public markets in 2017. Today, Ingersoll Rand operates primarily through Industrial Technologies and Services and Precision and Science Technologies. Its portfolio includes industrial compressors, air treatment systems, vacuum and blower equipment, fluid-handling systems, pumps, dosing and dispensing equipment, and precision technologies used in laboratory, pharmaceutical, food and beverage, chemical, energy, manufacturing, and other applications. Services such as maintenance, replacement parts, monitoring, and lifecycle support are important complements to equipment sales. The company has expanded through targeted acquisitions. In 2022 it announced transactions involving Everest Group, an Indian producer of blowers and vacuum systems, and Airmax Groupe, a French compressed-air equipment manufacturer. In 2024 it acquired Friulair of Italy, known for chillers and dryers, for a reported lump sum of $146 million. These additions broadened the company’s air-treatment, vacuum, and process-technology offering. Ingersoll Rand is listed on the New York Stock Exchange under the symbol IR and serves customers internationally through manufacturing, sales, and service operations.

The history associated with the Ingersoll Rand name begins with two nineteenth-century drilling businesses. Simon Ingersoll established Ingersoll Rock Drill Company in New York in 1871. Ingersoll’s company combined with Sergeant Drill in 1888, forming Ingersoll Sergeant Drill Company. In the same year, Addison Rand and Jasper Rand Jr. had established Rand Drill Company, whose equipment was used in infrastructure work including the clearing of New York’s Hell Gate channel, aqueduct construction, and tunnel projects in the northeastern United States. Ingersoll Sergeant Drill and Rand Drill merged in 1905, creating Ingersoll Rand. The historical company developed from drilling equipment into a diversified industrial manufacturer. During the 1920s it supplied diesel engines for locomotives produced by General Electric and the American Locomotive Company. It later operated across several equipment categories, including compressors, pumps, tools, and industrial systems. Ingersoll-Dresser Pumps, formed as a joint venture with Dresser Industries in 1992 and subsequently made wholly owned, was sold to Flowserve in 2000. In 2004, Ingersoll Rand sold Dresser-Rand, another business connected to Dresser Industries, to First Reserve Corporation. The second major lineage came from Gardner Governor Company, founded by Robert Gardner in Quincy, Illinois, in 1859. Gardner developed a practical flyball governor for controlling steam-engine speed and later expanded into air compressors and other industrial machinery. Gardner Governor merged with Denver Rock Drill Company in 1927, creating Gardner-Denver. The company grew through the twentieth century, became publicly traded on the New York Stock Exchange in 1943, and later passed through Cooper Industries ownership. Cooper spun off the Gardner Denver Industrial Machinery Division in 1994, making Gardner Denver independent. Gardner Denver was acquired by KKR in 2013 for approximately $3.9 billion and returned to public ownership through a 2017 initial public offering, in which KKR retained a substantial stake. In February 2020, Gardner Denver combined with the industrial segment of Ingersoll-Rand plc. The transaction created a new public company named Ingersoll Rand Inc. and separated the industrial-equipment business from the HVAC operations that became Trane Technologies. The new company’s shareholders came from both predecessor businesses, and an employee stock grant was part of the transaction structure. Since 2020, Ingersoll Rand has presented itself as a focused industrial technology company rather than the broader conglomerate associated with the former Ingersoll-Rand plc. Its two principal reporting areas are Industrial Technologies and Services and Precision and Science Technologies. The company supplies equipment and services for compressed air, vacuum, blowers, pumps, fluid handling, dosing, dispensing, and precision process applications. Its customers span manufacturing, energy, chemical processing, life sciences, food and beverage, transportation, and other industrial sectors. Acquisitions have remained central to the company’s growth strategy. Announced transactions in 2022 added exposure to Indian blower and vacuum equipment through Everest Group and to French compressed-air systems through Airmax Groupe. In 2024, the acquisition of Friulair expanded capabilities in chillers and dryers. The resulting portfolio combines original equipment, consumables, replacement components, maintenance, and technical support, allowing Ingersoll Rand to participate across the operating life of customer installations. The company remains listed on the New York Stock Exchange under the symbol IR and is headquartered in Davidson, North Carolina.

1. 2024Friulair is acquired

   Ingersoll Rand acquired Friulair, an Italian manufacturer specializing in chillers and dryers.

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2. 2022Everest Group and Airmax Groupe transactions announced

   The company announced acquisitions involving Everest Group and Airmax Groupe.

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3. 2021KKR exits

   KKR divested from Ingersoll Rand.

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4. 2020Modern Ingersoll Rand is created

   Gardner Denver merged with the industrial segment of Ingersoll-Rand plc, creating the present Ingersoll Rand Inc.

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5. 2017Gardner Denver returns to public markets

   Gardner Denver completed an initial public offering, with KKR retaining a stake.

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6. 2013KKR acquires Gardner Denver

   KKR acquired Gardner Denver in a private-equity transaction.

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7. 2004Dresser-Rand is sold

   Ingersoll Rand sold Dresser-Rand to First Reserve Corporation.

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8. 2000Ingersoll-Dresser Pumps is sold

   Ingersoll Rand sold Ingersoll-Dresser Pumps to Flowserve.

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9. 1943Gardner-Denver first lists on the NYSE

   Gardner-Denver became a company listed on the New York Stock Exchange.

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10. 1927Gardner-Denver is created

    Gardner Governor Company merged with Denver Rock Drill Company to form Gardner-Denver.

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11. 1905Ingersoll Rand is formed

    Ingersoll Sergeant Drill Company merged with Rand Drill Company, creating Ingersoll Rand.

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12. 1888Ingersoll combines with Sergeant Drill

    Ingersoll Rock Drill Company combined with Sergeant Drill to form Ingersoll Sergeant Drill Company.

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13. 1871Ingersoll and Rand drilling businesses begin

    Simon Ingersoll founded Ingersoll Rock Drill Company, while Addison Rand and Jasper Rand Jr. established Rand Drill Company.

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14. 1859Gardner Governor Company is established

    Robert Gardner founded the Gardner Governor Company in Quincy, Illinois, establishing the corporate lineage that later led to Gardner Denver.

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A premium global industrial-equipment and lifecycle-services provider centered on mission-critical air, vacuum, fluid, and precision technologies.

• Compressed-air systemsIndustrial air equipment

  The company supplies industrial compressors and associated controls for manufacturing, energy, transportation, and process industries. Offerings support applications requiring reliable plant air, instrument air, and process gas, and are complemented by installation, maintenance, replacement parts, and monitoring services.

• Air treatment equipmentCompressed-air treatment

  Air treatment products prepare compressed air for downstream use by removing moisture, contaminants, and heat. The portfolio includes dryers, chillers, filtration-related equipment, and other systems intended to improve air quality, equipment reliability, and process consistency.

• Vacuum and blower systemsVacuum and pressure equipment

  Ingersoll Rand provides vacuum pumps, blowers, and related systems for applications such as material handling, packaging, wastewater treatment, process manufacturing, and laboratory or industrial operations. The category was broadened through the company’s expansion into businesses including Everest Group.

• Fluid-management equipmentPumps and process equipment

  Fluid-management products include pumps, dosing and dispensing equipment, and precision systems used to move, meter, mix, or apply fluids. These products serve demanding process environments across chemical, pharmaceutical, food and beverage, energy, and general industrial markets.

• Precision and science technologiesPrecision process equipment

  The Precision and Science Technologies segment addresses applications requiring controlled fluid movement, accurate dosing, and specialized process performance. Its customers include life-science, laboratory, medical, food, chemical, and other technical industries.

• Industrial services and aftermarket supportIndustrial services

  Services include equipment maintenance, repairs, replacement parts, field support, monitoring, and lifecycle assistance. These offerings help customers maintain uptime and operating efficiency after the initial sale of compressors, pumps, vacuum systems, and other industrial equipment.

• 2024Acquire FriulairM&A

  Friulair’s specialization in chillers and dryers complemented Ingersoll Rand’s compressed-air and air-treatment portfolio.

  What changed. Ingersoll Rand acquired Friulair of Italy.

  Aftermath. The acquisition strengthened the company’s air-treatment offering and added Italian manufacturing and engineering capabilities.

  Reported acquisition consideration. $146 million (2024)

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• 2022Expand vacuum, blower, and compressed-air capabilitiesM&A

  Ingersoll Rand sought to broaden its industrial technology portfolio through additions in vacuum, blower, and compressed-air equipment.

  What changed. The company announced acquisitions involving Everest Group in India and Airmax Groupe in France.

  Aftermath. The announced transactions expanded the company’s geographic reach and product coverage in vacuum, blower, and compressed-air systems.

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• 2020Combine Gardner Denver with Ingersoll-Rand’s industrial segmentM&A

  The transaction was designed to separate the industrial operations of Ingersoll-Rand plc from its HVAC business and combine them with Gardner Denver.

  What changed. Gardner Denver completed a Reverse Morris Trust transaction with the separated industrial segment and adopted the Ingersoll Rand name.

  Aftermath. The transaction created the current publicly traded Ingersoll Rand Inc., while the former parent’s climate-control business became Trane Technologies.

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• 2024Ingersoll Rand acquires Friulair

  Ingersoll Rand acquired Italian company Friulair, which specializes in chillers and dryers, expanding its air-treatment portfolio.

  M&AProduct generation
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• 2022Ingersoll Rand announces Everest Group and Airmax Groupe acquisitions

  The company announced plans to acquire Everest Group in India, a maker of blowers and vacuum systems, and Airmax Groupe in France, a compressed-air systems manufacturer.

  M&A
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• 2021KKR exits its Ingersoll Rand investment

  KKR divested its remaining interest in Ingersoll Rand after acquiring Gardner Denver in 2013 and retaining a stake following Gardner Denver’s public offering and the 2020 combination.

  M&A
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• 2020Industrial segment combines with Gardner Denver to create the present Ingersoll Rand

  The industrial operations separated from Ingersoll-Rand plc merged with Gardner Denver in a Reverse Morris Trust transaction. The combined company adopted the Ingersoll Rand name, while the former parent’s HVAC operations became Trane Technologies.

  M&A
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1. Ingersoll Rand
2. Ingersoll Rand corporate website