Ingersoll Rand Agrees to Acquire Pedro Gil and Closes on Acquisition of Westwood Technical

September 13, 2022 06:30 AM Eastern Daylight Time DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to acquire Pedro Gil Construcciones Mecánicas, S.L. ('Pedro Gil') and acquired Westwood Technical Limited ('Westwood Technical') for a combined upfront cash purchase price of approximately $30 million.

Pedro Gil is a leading manufacturer of positive displacement blowers, pumps and vacuum systems in the Spanish market. Pedro Gil expands Ingersoll Rand's presence in Spain and adds an established brand to its portfolio. Pedro Gil has annual revenue of approximately $15 million and will join the Industrial Technologies and Services segment.

Westwood Technical is a highly experienced control and instrumentation specialist based in the United Kingdom with unique IIoT capabilities. Westwood Technical expands Ingersoll Rand's IIoT offerings with its AircomTM product line. AircomTM is a self-contained, battery-powered communications device utilizing LoRaWAN technology to transmit data from assets in remote and challenging locations for monitoring and control applications, and is highly complementary to Ingersoll Rand's YZ Systems business. Westwood Technical will join Ingersoll Rand's Precision and Science Technologies segment.

'These transactions highlight our funnel generation capabilities and ability to source and execute bolt-on acquisitions that improve the quality of our portfolio,' said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. 'Pedro Gil is a leader in the Spanish high performance air blower market and increases our ability to reach and serve customers in this important geography. The AircomTM technology platform can be used with existing Ingersoll Rand products and significantly enhances our IIoT monitoring capabilities with a very cost effective solution.'

The acquisition of Westwood Technical closed on September 1, 2022, as did the previously announced acquisitions of Holtec and Hydro Prokav. The acquisition of Pedro Gil is expected to be completed during the fourth quarter of 2022.

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.

Forward-Looking Statements

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 but not limited to, statements that relate to our intent to acquire Air Dimensions Inc., the expected benefits of the proposed transaction, the timing of the transaction and the outcome of anticipated revenue and synergy opportunities. 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. Such risks and uncertainties, include, but are not limited to: our ability to timely obtain, if ever, necessary regulatory approvals of the proposed transaction; adverse effects on the market price of our common stock and on our operating results because of our inability to timely complete, if ever, the proposed transaction; our ability to fully realize the expected benefits of the proposed transaction; negative effects of announcement or consummation of the proposed transaction on the market price of the company's common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the proposed transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; the impact of the proposed transaction on the company's employees, customers and suppliers; and the ability of the companies to successfully integrate operations after the transaction. 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 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.