Ingersoll Rand
| Company type | Public |
|---|---|
| Industry | Industrial manufacturing |
| Predecessor | Ingersoll-Rand plc (industrial division), Gardner Denver |
| Founded | February 29, 2020 |
| Headquarters | Davidson, North Carolina , United States |
Area served | Worldwide |
| Products | Flow creation systems, air and gas compressors, vacuum and blower systems, fluid transfer devices, loading solutions, power tools, lifting machinery, positive displacement pumps, fluid control equipment, precision syringe pumps, compressors for liquids |
Number of employees | 16000 (2020) |
| Website | www |
Ingersoll Rand Inc. is a global American industrial corporation focused on the development of flow creation systems and various industrial products. The company was formed in February 2020 by spinning off the industrial division of Ingersoll-Rand plc (currently Trane Technologies) and merging it with Gardner Denver. It offers products under a portfolio exceeding 40 distinct brands internationally.
Based in Davidson, North Carolina, Ingersoll Rand is organized into two primary business units: Industrial Technologies and Services, alongside Precision and Science Technologies.
Origins of Ingersoll Rand
The company traces its roots back to 1871 when Simon Ingersoll founded the Ingersoll Rock Drill Company in New York. In 1888, it joined forces with Sergeant Drill, resulting in the Ingersoll Sergeant Drill Company. That same year, Addison Rand and Jasper Rand, Jr. established the Rand Drill Company, which gained recognition for significant infrastructure projects such as dredging New York’s Hell Gate channel and constructing water aqueducts and tunnels throughout the northeastern United States.
These enterprises united in 1905 to create Ingersoll Rand. By the 1920s, the firm had diversified its offerings by manufacturing diesel engines for locomotives built by General Electric and ALCO, marking an early expansion beyond its initial product lines.
Gardner Denver’s Development
In 1859, Robert Gardner founded the Gardner Governor Company in Quincy, Illinois, where he introduced a highly effective speed regulation device for steam engines known as the flyball governor. This invention formed the basis for subsequent industrial equipment like air compressors. By the turn of the century, over 150,000 governors had been sold across North America.
The Gardner Governor Company merged with Denver Rock Drill Company in 1927, creating Gardner-Denver. Through strategic acquisitions and growth, it went public on the New York Stock Exchange in 1943. Although merger discussions with Dresser Industries and Cooper-Bessemer fell through in the late 1950s, Gardner Denver was acquired by Cooper Industries in 1979. Cooper later spun off Gardner Denver as an independent entity in 1994. After operating as a publicly traded company, it was purchased by private equity firm Kohlberg Kravis Roberts & Co. in 2013 before returning to public markets via an IPO in 2017.
In 2000, Flowserve acquired Ingersoll-Rand Co.’s Ingersoll-Dresser Pumps division for $775 million, establishing itself as the world’s second-largest pump manufacturer.
Combination of Ingersoll Rand’s Industrial Business and Gardner Denver
In April 2019, Ingersoll-Rand Plc and Gardner Denver Holdings reached an agreement to separate Ingersoll Rand’s Industrial segment and merge it with Gardner Denver through a Reverse Morris Trust. This deal finalized on February 29, 2020, significantly broadening the merged entity’s product range and global market presence.
Employee Equity Programs
During Gardner Denver’s IPO in May 2017, deferred stock units valued at roughly $100 million were granted to nearly all permanent employees. Following the merger in 2020, approximately $150 million worth of stock units were distributed to almost all of its 16,000 worldwide employees who had not previously received equity awards—equivalent to about 20% of their annual compensation—constituting one of the largest employee ownership grants within the industrial sector.
Business segments
As of July 2021, Ingersoll Rand's operations are divided into two primary divisions:
- Industrial Technologies and Services (ITS) is responsible for the design, production, marketing, and servicing of air and gas compressors, vacuum and blower systems, fluid transfer devices, loading solutions, power tools, and lifting machinery. Notable brand names under this segment include Ingersoll Rand, Gardner Denver, CompAir, Nash, and Elmo Rietschle.
- Precision and Science Technologies (PST) concentrates on advanced positive displacement pumps, fluid control equipment, precision syringe pumps and compressors for liquids, along with aftermarket components. This segment encompasses brands such as Milton Roy, Haskel, ARO, Thomas, Welch, Dosatron, YZ, and SEEPEX.
In April 2021, Ingersoll Rand divested a majority stake in its High Pressure Solutions division to American Industrial Partners for $278 million. Subsequently, in June 2021, the company sold Club Car—previously known as Specialty Vehicles Technologies—to Platinum Equity Advisors for $1.68 billion.
Expanding its international footprint in October 2022, Ingersoll Rand acquired Everest Group based in India, a manufacturer specializing in blowers and vacuum equipment, along with Airmax Groupe from France, which focuses on compressed air solutions.
Further strengthening its air treatment portfolio in February 2024, Ingersoll Rand purchased Friulair of Italy for $146 million. Friulair is recognized for its chillers and compressed air dryers.