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), 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.

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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), 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.