Gardner Denver to merge with Ingersoll-Rand
Published: 12 June, 2019
Gardner Denver Holdings, Inc. and Ingersoll-Rand plc are set to merge following a recent announcement. The companies say the merger will create a global leader in mission-critical flow creation and industrial technology - IndustrialCo.
IndustrialCo will be composed of the entirety of Gardner Denver and Ingersoll Rand Industrial, and will be led by Gardner Denver’s CEO, Vicente Reynal, and executives from both companies, operating a wide portfolio of brands, including Gardner Denver.
The HVAC and transport refrigeration assets of the current Ingersoll Rand will become a pure play global leader in climate control solutions for buildings, homes and transportation - ClimateCo. Michael W. Lamach, Ingersoll Rand’s current chairman and CEO, along with the current Ingersoll Rand executive team, will continue to lead ClimateCo, which is expected to be renamed.
Reynal commented: “This transaction will create a global leader in mission-critical flow creation and industrial technologies, and accelerate both companies’ strategic priorities of deploying talent, driving growth, expanding margins through increased efficiencies and allocating capital effectively.
“Gardner Denver and Ingersoll Rand’s Industrial business have a combined history of over 300 years, and are both renowned for our commitment to operational excellence, innovation and quality.”
Mike Lamach added: “As a pure play global leader in the climate control solutions markets, we will leverage our leading brands, outstanding sales and service channels and our proven business operating system to capitalise on global sustainability megatrends that play directly to our strengths: reducing energy demand and greenhouse gas emissions and improving efficiency in buildings, homes and transportation. With greater focus, more targeted investments and a simplified business model, we believe our new company will continue to drive above GDP growth and deliver value for shareholders, customers and employees.”