( MENAFN - GlobeNewsWire - Nasdaq) DAVIDSON, N.C., June 03, 2024 (GLOBE NEWSWIRE) -- Ingersoll Rand Inc.
(NYSE: IR), a global provider of mission-critical flow creation and industrial solutions, has closed on the previously announced acquisition of ILC Dover (“ILC”) and has acquired Complete Air and Power Solutions (“CAPS”), Del PD Pumps & Gear Pvt Ltd. (“Del Pumps”), and Fruvac Ltd. (“Fruitland Manufacturing”) for a combined purchase price of approximately $150 million.
The acquisition of ILC, with an upfront cash purchase price of approximately $2.325 billion, expands Ingersoll Rand's addressable market to a total of approximately $65 billion in highly fragmented market segments with significant and sustainable growth opportunities. It adds new technologies for life science applications including innovative powder and liquid single-use solutions for various end markets including biopharma, pharma, cell and gene therapy.
“We thank ILC's leadership and employees for their partnership in creating a global leader across multiple high-growth, life critical markets over the last four years,” said Andre Moura, managing director at New Mountain Capital.“We look forward to seeing the business continue on its impressive trajectory with Ingersoll Rand.” In addition, three additional acquisitions demonstrate the continued commitment and success of the company's capital allocation strategy: Del Pumps , based in India, manufactures rotary, twin, and triple gear pu.
