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DAVIDSON, N.C. - Ingersoll Rand Inc. (NYSE:IR), a $34.36 billion industrial technology company with annual revenues of $7.28 billion, has acquired Italian compressor manufacturer Termomeccanica Industrial Compressors S.p.A. (TMIC) and its subsidiary Adicomp S.p.A. for approximately €160 million, the company announced Tuesday. According to InvestingPro, the company maintains a GOOD financial health score, with 8 key investment insights available to subscribers.
TMIC, which has over 100 years of experience in designing and producing air and gas compressors, and Adicomp, which provides engineered-to-order solutions for the renewable natural gas industry, will join Ingersoll Rand’s Industrial Technologies and Services segment.
The acquisition expands Ingersoll Rand’s capabilities in renewable natural gas gas-ends and packaging. The Italian-based companies have operations in North America and have recently expanded into Brazil and India.
"These companies strengthen our core capabilities and broaden our service offerings, enabling us to deliver greater value to our customers while advancing our long-term growth strategy for shareholders," said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand, in a press release statement.
The purchase was made at what the company described as an attractive low-double-digit multiple, with an expected post-synergy multiple in the mid-to-high single digits.
The transaction represents a continuation of Ingersoll Rand’s capital allocation strategy focused on targeted bolt-on acquisitions. The company noted that the deal demonstrates its ability to build proprietary partnerships with family-owned businesses.
Ingersoll Rand, which provides mission-critical flow creation and industrial solutions, stated that the acquisition improves its presence in high-growth end markets.
In other recent news, Ingersoll Rand has reported its first-quarter 2025 earnings, revealing a slight miss in both earnings per share (EPS) and revenue compared to analyst forecasts. The company posted an adjusted EPS of $0.72, just under the expected $0.73, while revenue came in at $1.72 billion, missing the forecast by $10 million. Despite this, Ingersoll Rand achieved a record first-quarter free cash flow of $223 million and reported a strong order growth with a book-to-bill ratio of 1.1x. Additionally, Ingersoll Rand has expanded its presence in China by acquiring Lead Fluid, a manufacturer specializing in fluid-handling products, which is expected to contribute approximately $8 million in annual revenue. Meanwhile, Fitch Ratings upgraded Ingersoll Rand’s Long-Term Issuer Default Rating to ’BBB+’ from ’BBB’, citing the company’s strong business portfolio and effective management of leverage. The rating outlook remains stable, reflecting confidence in the company’s ability to maintain its financial health. These developments highlight Ingersoll Rand’s ongoing strategic efforts to strengthen its market position and financial standing.
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