Ingersoll Rand Completes Two Acquisitions to Enhance Capabilities in High-Growth Sustainable End Markets

Published a year ago via Business Wire
  • Demonstrates company’s commitment to capital allocation and achievement of a mid-teens return on invested capital (ROIC) by year three post-acquisition
  • Fits strategically with Ingersoll Rand’s existing portfolio of mission-critical air compression technologies and technical support capabilities

Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and industrial solutions, has completed the acquisitions of Oxywise s.r.o. (“Oxywise”) and Fraserwoods Fabrication and Machining Ltd. (“Fraserwoods”) for a combined all-cash purchase price of approximately $26 million.

Oxywise, based in Slovakia, increases Ingersoll Rand’s broader air treatment capabilities with onsite oxygen and nitrogen generating-systems based on pressure swing adsorption technology, cylinder filling systems, containerized systems and gas control solutions. Oxywise has established itself as a leader in attractive end-markets including medical, laser cutting, industrial and aquaculture with its gas distribution systems. The 41-person company has an annual revenue of approximately $10 million.

Fraserwoods provides services, repair and return, and remanufacturing of blowers and pumps to key original equipment manufacturers in the vacuum truck market. A majority of the company’s annual revenue of approximately $4 million comes from aftermarket services, which is supported by its installed base. The addition of Fraserwoods and its 13 employees expands Ingersoll Rand’s technical expertise and service capabilities in western Canada.

Both Oxywise and Fraserwoods will join Ingersoll Rand’s Industrial Technologies and Services (IT&S) segment.

“These acquisitions strengthen our company’s core capabilities and provide opportunities to grow our exposure in high-growth, sustainable end markets,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “We are excited to welcome the expertise and quality that Oxywise and Fraserwoods are known for in their respective markets.”

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavour,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

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