Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, completed the acquisition of Tuthill Vacuum and Blower Systems, a division of Tuthill Corporation. The transaction, completed with cash on hand for $184 million, fits strategically with the company’s portfolio of air compression technologies and operates under the tradenames MD Pneumatics and Kinney Vacuum Pumps.
MD Pneumatics and Kinney Vacuum Pumps are leaders in the design and manufacture of positive displacement blowers, mechanical vacuum pumps, vacuum boosters and engineered systems. Based in Springfield, Mo., Tuthill Vacuum and Blower Systems has approximately 160 employees and annual revenue of approximately $60 million. The employees and brands of the former Tuthill Vacuum and Blower Systems will join the Ingersoll Rand Industrial Technologies and Services (IT&S) segment.
“We welcome the MD Pneumatics and Kinney Vacuum Pumps team and the exceptional line of products, technologies and application expertise to the Ingersoll Rand family,” said Gary Gillespie, vice president and general manager of the IT&S Americas business. “With strong complementary technology and commercial opportunities, the MD Pneumatics and Kinney Vacuum products will offer our customers a diverse mix of critical flow solutions to address their specific needs and continue to accelerate Ingersoll Rand’s growth plans.”
The acquisition will further enhance Ingersoll Rand’s IT&S segment, which manufactures and services a broad range of compressor, vacuum and blower solutions used in a variety of applications. MD Pneumatics and Kinney Vacuum Pumps will expand Ingersoll Rand’s overall product portfolio and application expertise to better serve customers who require a deeper level of technical support in a wide variety of applications, including plastics, food processing, chemical and wastewater. In addition, the acquisition will expand the company’s global blower channel coverage providing customers worldwide with more choices to meet their needs.
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.
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding growth and the completed Transaction (the “Transaction”) between Ingersoll Rand Inc. and Tuthill Corporation to acquire the assets of Tuthill Corporation’s Blower and Vacuum Systems. All statements, other than historical facts, including, but not limited to, statements regarding the expected benefits of the Transaction, including future growth and strategic benefits, and any assumptions underlying any of the foregoing, 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. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020, as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at 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.