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Ingersoll Rand (IR)

Ingersoll Rand Inc. is a global leader in providing mission-critical flow creation products and industrial solutions, focusing on air, fluid, energy, and medical technologies. The company operates through two main segments: Industrial Technologies and Services, and Precision and Science Technologies, offering a wide range of compressors, pumps, vacuums, and blowers under more than 80 market-leading brands such as Ingersoll Rand and Gardner Denver . Revenue is generated from the sale of original equipment and associated aftermarket parts, consumables, and services, with the aftermarket segment representing a significant portion of their business . Ingersoll Rand's products are essential in various industries, including life sciences, food and beverage production, and clean energy, with a strong emphasis on innovation and sustainability .

  1. Industrial Technologies and Services - Provides a comprehensive range of compressors, pumps, vacuums, and blowers, focusing on air, fluid, and energy technologies. This segment includes the sale of original equipment and aftermarket parts, consumables, and services, ensuring critical operational uptime for customers .

  2. Precision and Science Technologies - Offers advanced solutions for critical applications in industries such as life sciences, food and beverage production, and clean energy. Emphasizes innovation and sustainability with products like energy-efficient compressors .

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NamePositionExternal RolesShort Bio

Vicente Reynal

ExecutiveBoard

Chairman of the Board, CEO, and President

Board Member at American Airlines; Board Member at Ownership Works

Vicente Reynal has led IR since 2016, driving growth and profitability. He has over 25 years of experience in corporate strategy, operations leadership, and industrial markets.

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Elizabeth M. Hepding

Executive

Senior Vice President of Strategy and Corporate Development

None

Elizabeth Hepding joined IR in 2021, bringing over 20 years of experience in M&A and strategy. She previously held leadership roles at PurposeBuilt Brands and Essendant Inc..

Kathleen M. Keene

Executive

Senior Vice President and Chief Human Resources Officer

None

Kathleen Keene joined IR in 2016 and became CHRO in 2021, overseeing HR and communications functions. She has led HR teams across multiple business units and regions.

Matt Emmerich

Executive

Chief Information Officer (CIO)

None

Matt Emmerich joined IR in 2023, leading global technology strategy, operations, and cybersecurity. He previously held senior roles at Polaris.

Michael J. Scheske

Executive

Vice President and Chief Accounting Officer

None

Michael J. Scheske is the Principal Accounting Officer at IR, responsible for financial reporting and compliance. No additional details are available.

Michael Weatherred

Executive

Senior Vice President of IR Execution Excellence (IRX) and Business Excellence

None

Michael Weatherred joined IR in 2018, leading operational efficiency initiatives and previously holding roles at Danaher, Honeywell, and Black & Decker.

Santiago Arias Duval

Executive

Leader of Precision and Science Technologies (P&ST)

None

Santiago Arias Duval joined IR in 2017 and has led multiple business segments, driving growth and acquisitions in the P&ST segment.

Vikram Kini

Executive

Senior Vice President and Chief Financial Officer (CFO)

None

Vikram Kini has been CFO since 2020, overseeing financial planning and compliance. He joined Gardner Denver in 2011 and held various finance leadership roles before becoming CFO.

Gary D. Forsee

Board

Director

Board Member at Trane Technologies

Gary Forsee joined IR's Board in 2020, leveraging his experience as a former CEO of Sprint and President of the University of Missouri System.

Jennifer Hartsock

Board

Director

Chief Information and Digital Officer at Cargill, Inc.; Board Member at Trane Technologies; Board Member at Thomson Reuters

Jennifer Hartsock joined IR's Board in 2023, bringing expertise in digital transformation and global manufacturing.

JoAnna L. Sohovich

Board

Director

Chair of the Board of Directors for Chamberlain Group; Board Member at Barnes Group Inc.; Board Member for the U.S. Naval Academy Foundation

JoAnna Sohovich joined IR's Board in 2023, bringing expertise in IoT, digital transformation, and strategic growth initiatives.

John Humphrey

Board

Director

Board Member at EnPro Industries, Inc.; Board Member at O-I Glass, Inc.

John Humphrey has been on IR's Board since 2018, contributing financial and operational expertise from his leadership roles at Roper Technologies and Honeywell.

Julie A. Schertell

Board

Director

President and CEO of Mativ Holdings, Inc.; Board Member at Mativ Holdings, Inc.

Julie Schertell joined IR's Board in 2023, bringing expertise in accounting, finance, and acquisition integration from her leadership roles at Mativ and Neenah, Inc..

Kirk E. Arnold

Board

Director

Board Member at Trane Technologies; Board Member at Thomson Reuters; Board Member at The Predictive Index; Board Member at Housecall Pro

Kirk Arnold joined IR's Board in 2020, bringing extensive management experience and expertise in digital transformation and strategy.

Marc E. Jones

Board

Director

Chairman, President, and CEO of Aeris Communications, Inc.; Board Member at CDW Corporation; Board Member at Stanford University; Chair of the Board at Stanford Healthcare

Marc Jones joined IR's Board in 2018, bringing expertise in technology, finance, and law, with a focus on IoT and digital innovation.

Mark P. Stevenson

Board

Director

Senior Advisor at General Atlantic; Senior Partner at Flagship Pioneering

Mark Stevenson joined IR's Board in 2022, contributing expertise in life sciences, medical markets, and machine learning systems.

Tony L. White

Board

Director

Board Member at Trane Technologies

Tony White joined IR's Board in 2020, bringing extensive leadership experience as a former CEO of Applied Biosystems. He plans to retire at the end of his current term in 2025.

William P. Donnelly

Board

Lead Director

Board Member at Quanterix Corporation; Board Member at T. Rowe Price Group, Inc.

William Donnelly has been on IR's Board since 2017, providing financial and strategic expertise from his leadership roles at Mettler-Toledo and other companies.

  1. "With the delays in mega-projects due to EPC capacity constraints and site readiness issues pushing some projects into 2025, how confident are you in meeting your revenue guidance for the next year, and what strategies are you implementing to mitigate these delays? "
  2. "Given that you decided to walk away from a potential $1 billion acquisition, can you elaborate on the reasons behind this decision and how it aligns with your disciplined approach to M&A and exceeding your inorganic revenue targets? "
  3. "Organic orders declined by 1% in Q2, and with an increasingly challenging macroeconomic environment, what specific initiatives are you pursuing to drive order growth and ensure your backlog converts to revenue in the back half of the year? "
  4. "Your gross interest expense is expected to increase from approximately $215 million in 2024 to about $260 million in 2025; how will this rising expense affect your capital allocation priorities, particularly regarding bolt-on acquisitions and maintaining investment-grade status? "
  5. "You've mentioned an elongation in the velocity of projects through the funnel; what steps are you taking to accelerate project execution, and do you foresee any impact on your win rates or overall financial performance because of this elongation? "

Research analysts who have asked questions during Ingersoll Rand earnings calls.

Program DetailsProgram 1
Approval DateAugust 24, 2021
End Date/DurationNo expiration date
Total Additional Amount$1.0 billion
Remaining Authorization$1,055,533,139
DetailsPart of capital allocation strategy; share repurchases are significant, with M&A as the top priority
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2024$2.9Short-term borrowings and current maturities of long-term debt N/A0.1% = (2.9 / 4785.4) * 100
2027$699.9Senior Notes5.197 14.6% = (699.9 / 4785.4) * 100
2028$498.5Senior Notes5.400 10.4% = (498.5 / 4785.4) * 100
2029$750.0Senior Notes5.176 15.7% = (750.0 / 4785.4) * 100
2031$500.0Senior Notes5.314 10.4% = (500.0 / 4785.4) * 100
2033$993.2Senior Notes5.700 20.8% = (993.2 / 4785.4) * 100
2034$749.5Senior Notes5.450 15.7% = (749.5 / 4785.4) * 100
2054$597.6Senior Notes5.700 12.5% = (597.6 / 4785.4) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

The industrial end-markets served are competitive, with an increasing focus on product quality, performance, energy efficiency, customer service and local presence. Although there are several large manufacturers of compression, vacuum and blower products, the marketplace for these products remains highly fragmented due to the wide variety of product technologies, applications and selling channels.

The industrial end-markets served are competitive, with an increasing focus on product quality, performance, energy efficiency, customer service and local presence. Although there are several large manufacturers of compression, vacuum and blower products, the marketplace for these products remains highly fragmented due to the wide variety of product technologies, applications and selling channels.

The industrial end-markets served are competitive, with an increasing focus on product quality, performance, energy efficiency, customer service and local presence. Although there are several large manufacturers of compression, vacuum and blower products, the marketplace for these products remains highly fragmented due to the wide variety of product technologies, applications and selling channels.

Kaeser Compressors

The industrial end-markets served are competitive, with an increasing focus on product quality, performance, energy efficiency, customer service and local presence. Although there are several large manufacturers of compression, vacuum and blower products, the marketplace for these products remains highly fragmented due to the wide variety of product technologies, applications and selling channels.

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

KNF Neuberger

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

Netzsch

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

Watson-Marlow

Competition in the markets served by the Precision and Science Technologies segment is primarily based on product quality and performance, as most products must be qualified by the customer for a particular use. Further, there is an increasing demand for more efficient healthcare solutions, which is driving the adoption of premium and high performance systems.

NameStart DateEnd DateReason for Change
Deloitte & Touche LLP2013PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Several Sales and Service Businesses

2024

Aggregate consideration of $14.0 million paid to acquire multiple sales and service businesses within the Industrial Technologies and Services segment to expand Ingersoll Rand’s offerings.

ILC Dover

2024

Acquired for an upfront $2.325 billion in cash with up to $75.0 million contingent consideration, this deal expands the Precision and Science Technologies segment with innovative technologies for the life sciences market and recurring revenue advantages.

Del PD Pumps & Gear Pvt Ltd. (Del Pumps)

2024

Completed on June 1, 2024, for $25.2 million in cash, this acquisition of a rotary, twin, and triple gear pump manufacturer strengthens Ingersoll Rand’s high‐margin pumping solutions across various industries.

Complete Air and Power Solutions (CAPS)

2024

Acquired on May 31, 2024 with a cash consideration reported as either $96.7 million or $99.4 million, CAPS enhances distribution and service capabilities in Australia through access to an extensive installed base and robust field network.

Fruvac Ltd. (Fruitland Manufacturing)

2024

Purchased on May 31, 2024 for $28.3 million in cash, Fruvac Ltd. is a manufacturer of mobile and truck‐mounted vacuum pumps, adding low‐flow application capabilities in the mobile vacuum segment.

Air Systems, LLC

2024

Completed on May 1, 2024 for $35.2 million in cash, this acquisition of a compressed air services provider contributes to the Industrial Technologies and Services segment.

Ethafilter s.r.l.

2024

Acquired on April 2, 2024 for $15.6 million in cash, Ethafilter produces filters and filter elements for the compressed air market, expanding the product portfolio with sterile filter technology and aftermarket growth potential.

Controlled Fluidics, LLC

2024

Completed on April 1, 2024 for an initial $49.9 million in cash plus up to $2.0 million in contingent consideration, this deal adds high-performance thermoplastic bonding and custom assembly capabilities to bolster Ingersoll Rand’s life sciences offerings.

Manufacturer of Vacuum Pumps and Accessories

2024

Acquired in Q1 2024 with an aggregate consideration of $1.4 million, this acquisition is consolidated within the Industrial Technologies and Services segment and contributed to Q1 revenue and operating income figures.

Other Smaller Acquisitions (Sales and Service Businesses)

2023

In 2023, a group of smaller sales and service business acquisitions was completed for an aggregate cash consideration of $43.1 million, with the transactions allocated across several asset categories within the Industrial Technologies and Services segment.

Howden Roots LLC (Roots)

2023

Completed on August 18, 2023 for $291.9 million in cash, this acquisition bolsters Ingersoll Rand’s blower technology portfolio with a historic, iconic brand and includes $100.3 million in goodwill arising from expected revenue and cost synergies.

EcoPlant Technological Innovation Ltd. (EcoPlant)

2023

Purchased on April 1, 2023 for an initial $29.5 million in cash plus up to $17.0 million contingent, EcoPlant’s SaaS platform optimizes compressed air systems for 15%-20% energy savings, aligning with the firm’s digitalization and sustainability strategy.

Paragon Tank Truck Equipment (Paragon)

2023

Acquired on February 1, 2023 for $42.2 million in cash, Paragon supplies specialized loading and unloading solutions for tank trucks in industrial settings, complementing Ingersoll Rand’s niche market offerings in sectors such as food, beverage, and pharmaceuticals.

SPX FLOW’s Air Treatment Business

2023

Completed on January 3, 2023 for $519.0 million in cash, this acquisition of a manufacturer of desiccant/dried air systems and filtration components strengthens core compressor components and includes significant goodwill attributed to expected synergies.

Westwood Technical Limited

2022

Acquired in 2022 for $8.1 million in cash plus up to $9.3 million contingent, this UK‐based control and instrumentation specialist with advanced IIoT capabilities augments Ingersoll Rand’s Precision and Science Technologies segment.

Holtec Gas Systems LLC

2022

Completed in Q3 2022 for $12.6 million in cash, Holtec manufactures on-site nitrogen generation systems that integrate into the compressor ecosystem, delivering sustainability benefits and tax‐advantaged goodwill.

Hydro Prokav Pumps (India) Private Limited

2022

Acquired for $14.0 million in cash, this manufacturer of retrofit spare parts and progressive cavity pumps enhances the aftermarket and service offerings within the Precision and Science Technologies segment, particularly in the growing Indian market.

Houdstermaatschappij Jorc B.V. (Jorc)

2022

Acquired in Q1 2022 for a cash consideration reported as either $27.1 million or $30.1 million, the deal is recognized in the Industrial Technologies and Services segment with most of the value attributed to goodwill and intangible assets from subsequent operating contributions.

Sales and Services Businesses in Europe

2022

In 2022, two European sales and services businesses were acquired for an aggregate of $6.4 million in cash, enhancing the Industrial Technologies and Services portfolio with positive revenue and operating income contributions in subsequent reporting periods.

Recent press releases and 8-K filings for IR.

Ingersoll Rand details M&A-driven growth and service expansion at Laguna Conference
·$IR
M&A
Demand Weakening
  • Executed 75 bolt-on acquisitions since 2020 (90% family-owned targets) at an average pre-synergy EBITDA multiple of 9.5x, yielding mid-teens ROIC by the third year.
  • Compressors consume 30–40% of factory energy and incur 80% of ownership cost in electricity; upgraded systems deliver 15–18-month paybacks, driving energy-efficiency demand.
  • Aftermarket "Care" model recurring revenue reached $300 million in 2024, targeting $1 billion by 2027 with ~60% gross margins; EcoPlant software achieves 80%+ gross margins.
  • Demand remains sideways, with positive marketing-qualified leads offset by tariff-driven elongation; China is stable, Europe shows growth, and under-penetrated regions like Latin America and Southeast Asia offer expansion opportunities.
Sep 11, 2025, 2:00 PM
Ingersoll Rand outlines M&A engine, service growth and market outlook
·$IR
M&A
Demand Weakening
  • Executed 75 bolt-on acquisitions over the past five years, targeting companies with mid-30%+ gross margins and achieving mid-teens ROIC by year three at an average 9.5× pre-synergy EBITDA multiple in 2025.
  • Aftermarket recurring revenue, led by the care model, grew to $300 million in 2024 with a target of $1 billion by 2027, delivering approximately 60% gross margins and adding roughly 1× lifetime revenue per compressor.
  • Energy-efficiency solutions offer an average 15–18 month payback, as compressors consume 30–40% of plant energy and 80% of lifetime costs are electricity.
  • Q3 2025 demand was stable in China/APAC, robust in Europe, and muted in the U.S. due to 232 tariff uncertainty that is elongating sales cycles but not causing cancellations.
  • The new 232 import tariffs are passed through neutral to EBITDA dollars, while U.S. manufacturing of compressors and blowers provides a competitive cost advantage.
Sep 11, 2025, 2:00 PM
Ingersoll Rand highlights M&A strategy and care service expansion
·$IR
M&A
Demand Weakening
  • 75 acquisitions over the past five years, primarily bolt-on deals at an average pre-synergy EBITDA multiple of 9.5×, funded by a high-teens to 20% free cash flow margin and targeting mid-teens ROIC by year three.
  • Aftermarket recurring revenue from the care model grew to $300 million in 2024 with a goal of $1 billion by 2027; care contracts (~40% of revenue) deliver around 60% gross margin and are being rolled out beyond compressors to blowers, vacuums and pumps.
  • Energy efficiency drive: compressors account for 30–40% of factory energy use and 80% of lifetime cost is electricity, enabling customer paybacks of 15–18 months on high-efficiency solutions.
  • Regional market trends: APAC/China demand stable at low-double-digit share of revenue, Europe seeing select growth pockets, and North America remaining subdued amid tariff-related uncertainty and elongated order cycles.
  • Tariff response: following August 2023’s 232 derivatives, Ingersoll Rand leverages in-region manufacturing and passes tariff costs through pricing to keep EBITDA impact neutral while optimizing its global supply chain.
Sep 11, 2025, 2:00 PM
Ingersoll Rand outlines M&A strategy and service growth at Laguna Conference
·$IR
M&A
Demand Weakening
  • Ingersoll Rand has completed 75 bolt-on acquisitions over five years (average pre-synergy EBITDA multiple of 9.5x) funded by a high-teens free cash flow margin, leveraging its decentralized IRX integration model for mid-teens ROIC by year three.
  • The company targets firms with mid-30%+ gross margins in core industrial segments (compressors, blowers, vacuums, pumps); for example, Cpex improved from 50% gross margin/mid-teens EBITDA to over 55% gross margin and 30% EBITDA in three years.
  • Its care service model generated $300 million in recurring revenue in 2024 (40% of aftermarket sales) and targets $1 billion by 2027, offering five-year uptime guarantees at ~60% gross margins and leveraging high-margin software (EcoPlant at 80%+ GM).
  • International markets (APAC, Europe, Latin America) show stable to positive growth, while U.S. demand remains muted by tariff uncertainty despite double-digit marketing qualified lead growth and elongated order conversion cycles.
  • Recent 232-tariff derivatives are pass-through with neutral EBITDA impact; IR’s in-region manufacturing strengthens competitiveness, and flexible pricing maintains customer ROI paybacks under two years.
Sep 11, 2025, 2:00 PM
Ingersoll Rand acquires Dave Barry Plastics to expand life sciences portfolio
·$IR
M&A
  • Ingersoll Rand has acquired Dave Barry Plastics, further expanding its life sciences portfolio.
  • Dave Barry Plastics is an Ireland-based designer and manufacturer of custom plastic solutions for the biopharmaceutical, pharmaceutical, and medical device industries, particularly for clean-room environments.
  • The bolt-on acquisition will join the Life Sciences platform within the Precision and Science Technologies segment.
  • The investment was made at an attractive purchase multiple of approximately 9x 2024 Adjusted EBITDA.
Aug 4, 2025, 12:30 PM
Ingersoll Rand raises FY2025 guidance on strong Q2 results
·$IR
Earnings
Guidance Update
M&A
  • Organic order growth of low single digits in H1 with a book-to-bill of 1.06x and backlog up 16% vs. 2024, leading management to raise full-year revenue, adjusted EBITDA and adjusted EPS outlooks.
  • Q2 ITS orders rose 7% YoY and 5% sequentially (book-to-bill 1.05x); revenue grew low single digits. PST orders increased 13% YoY (book-to-bill 0.96x, H1 at 1.02x); revenue up 17% YoY, and adjusted EBITDA reached $117 M (+14%, margin 29.5%).
  • Full-year guidance upgraded to $2.13 B adjusted EBITDA midpoint and $3.40 adjusted EPS; assumes a 23% tax rate, $220 M net interest, CapEx at 2% of revenue, and 403 M shares outstanding post Q2 buybacks.
  • Completed 11 acquisitions YTD adding $200 M in annualized revenue at a 9.5x pre-synergy EBITDA multiple, with 8 more under LOI; since ILC Dover closing, deployed $650 M across 20 deals for $300 M revenue at 9.5x, targeting 400–500 bps inorganic revenue growth.
Aug 1, 2025, 4:55 PM
Ingersoll Rand acquires TMIC/Adicomp for €160 million
·$IR
M&A
  • Ingersoll Rand has acquired Termomeccanica Industrial Compressors S.p.A. and its subsidiary Adicomp for approximately €160 million.
  • The deal adds leading expertise in air and gas compressors and engineered-to-order solutions for the renewable natural gas (RNG) industry.
  • TMIC/Adicomp will be integrated into the Industrial Technologies and Services segment to bolster high-growth end-market capabilities.
  • The transaction was executed at a low-double-digit multiple, with expected post-synergy multiples in the mid-to-high single digits.
Jul 1, 2025, 8:51 PM
Ingersoll Rand Outlines Pricing, Growth and M&A Updates at 2025 Conference
·$IR
Revenue Acceleration/Inflection
M&A
Guidance Update
  • Pricing adjustments have been fully implemented—including list price actions and surcharges—to offset tariff impacts while keeping revenue guidance dollar neutral.
  • Organic growth and recurring revenue were highlighted, with recurring revenue expanding from around $100M at the merger to over $300M by the end of 2024, setting the stage for a potential $1B target.
  • M&A initiatives remain a strategic pillar, with over 65 bolt-on acquisitions in recent years, including recent regional deals in the life sciences space that enhance Ingersoll Rand’s technology platforms.
Jun 10, 2025, 2:44 PM
[Ingersoll Rand Conference Call Overview]
·$IR
Guidance Update
M&A
Revenue Acceleration/Inflection
  • Revenue guidance update: Executives discussed adjusting the revenue guidance by reducing full-year organic volume by about 4 percentage points, while noting tailwinds from tariff pricing, FX, and M&A initiatives.
  • Regional supply strategy: The company reiterated its region-for-region approach, indicating that no significant capacity shift from China is planned, with opportunities in select supply chain pockets.
  • Long cycle projects & order momentum: There is healthy momentum on long cycle projects—accounting for roughly 20-25% of the original equipment business—with orders expected to contribute into late 2026.
  • Service model transformation and M&A activity: The service business is evolving from a traditional break-fix model to a recurring revenue "CARE" system with high margin potential, alongside ongoing bolt-on M&A to drive margin expansion.
May 22, 2025, 1:21 PM
Ingersoll Rand Reports Strong Q1 2025 Performance
·$IR
Earnings
M&A
Share Buyback
  • Order growth surged by 10% with organic orders increasing by 3.3% and a record free cash flow of $223 million in Q1 2025.
  • The company continued its disciplined M&A strategy with multiple bolt-on acquisitions and has authorized an additional $1 billion toward share repurchases, targeting up to $750 million by year-end.
  • Guidance remains consistent with prior expectations, as the firm takes a prudent approach by offsetting favorable factors with a 4% reduction in organic volume and managing an estimated $150 million tariff impact through pricing actions.
May 2, 2025, 12:01 PM