Ingersoll Rand Acquires Tuthill Pump Group For $85M

Ingersoll Rand Inc IR has completed the acquisition of Tuthill Corporation's Pump Group assets in an all-cash transaction of $85 million.
Pump Group's employees and brands will join the Ingersoll Rand Precision and Science Technologies (PST) segment.
With approximately 100 employees, annual sales of more than $25 million, and two manufacturing locations in Alsip, Illinois and Ilkeston, U.K., the Pump Group complement existing PST brands, including MP Pumps, Oberdorfer, and ARO, increases PST's market presence.
Ingersoll Rand expects the identified growth and cost savings opportunities to drive the reduction of Adjusted EBITDA purchase multiple to mid-single digits by year three of ownership.
Ingersoll Rand held cash and cash equivalents of $2.03 billion as of September 2021.
Price Action: IR shares are trading higher by 1.54% at $59.24 on the last check Wednesday.