| Type | Public limited company |
|---|---|
| Traded as | NYSE: IR S&P 500 Component |
| Industry | Diversified industrial manufacturing |
| Founded | 1871 |
| Headquarters | Swords, Fingal, Ireland |
| Key people | Michael Lamach, Chairman, President & CEO Simon Ingersoll, Founder |
| Products | Air Solutions Tools Material Handling Golf Car Utility Vehicles Mechanical and Electronic Locks Biometric Security Access Control Exit Devices Time management systems Stationary Refrigeration Transport Refrigeration Residential air conditioning Commercial air conditioning |
| Revenue | $13 billion USD (2009) |
| Employees | 60,000 (2009) |
| Divisions | Industrial Technologies Security Technologies Climate Solutions Residential Solutions |
| Website | www.ingersollrand.com |
Ingersoll-Rand plc (NYSE: IR) is a $13 billion global diversified industrial company founded in 1871. The Ingersoll Rand name came into use in 1905 through the combination of Ingersoll-Sergeant Drill Company and Rand Drill Company. Ingersoll Rand used to be part of the S&P 500 (one of the 13 companies in that index that is incorporated outside the U.S.), but was replaced by Quanta Services in June 2009.[1] Its corporate headquarters are in the Airside Business Park in Swords, Fingal, County Dublin, Ireland.
Ingersoll Rand is a global diversified industrial firm. The company manufactures many products under brand names including:
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In 1871, Simon Ingersoll founded Ingersoll Rock Drill Company in New York [2]. In 1905 Ingersoll-Sargeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. Ingersoll Rand has largely grown by acquisition since that time.
In October 2002 shareholders voted to move the company's incorporation to Bermuda to capitalize on the savings on U.S. corporate income taxes on products sold overseas. Moving the company on paper cost only $27,000 USD per year with a tax savings estimated at $40 million USD. Ingersoll Rand announced in March 2009 their intention to relocate their offices from Bermuda to Ireland, a decision which shareholders approved in a vote.[3][4]
In July 2004, the Drilling Solutions business was sold to Atlas Copco. This included factories in US, China, Japan and India making above ground rotary blasthole and deephole drilling machines. Atlas Copco purchased the company for 225M USD. Drilling Solutions was the original legacy business from the company's founding.
In May 2007, the company announced it was looking into a sale or spin-off of its Bobcat, utility equipment, and attachments divisions. With this divestiture, Ingersoll Rand was left with the Industrial Technologies, Climate Control Technologies, and Security Technologies sectors. This would complete the transformation from the diversified machinery label to a diversified industrial company.
In February 2007, Volvo, a Swedish truck and construction equipment manufacturer, announced its agreement to buy the road construction equipment division of Ingersoll-Rand for $1.3 billion in cash to expand its operations in the U.S. The road unit manufactures and sells asphalt paving equipment, compaction equipment, milling machines and construction-related material handling equipment and generated net revenues of approximately $850 million for 2006. The sale includes manufacturing facilities in Pennsylvania, Germany, China and India, as well as 20 distribution and service facilities in the U.S. The business employs approximately 2,000 people worldwide.
On July 30, 2007, Ingersoll Rand announced that the utility and attachment businesses had been sold to Doosan Infracore, part of the South Korean chaebol Doosan, for USD $4.9 billion.[5]
On December 17, 2007, Ingersoll Rand announced an offer to purchase HVAC supplier, Trane, in a stock and cash transaction. The purchase was approved by Trane's stockholders, and the unit became a part of the Climate Control Technologies business, which is divided into commercial and residential business units, each reporting directly to the Chairman.[6] The sale was completed on June 5, 2008.[7][8]
On February 4, 2010, Michael W. Lamach was elected President and Chief Executive Officer by the Board of Directors.[9]
On June 4, 2010, Michael W. Lamach was elected Chairman of the company. He retained his current titles of President and Chief Executive Officer and succeeded Herbet L. Henkel who retired after serving as chairman of the company since May, 2000.[10]
Ingersoll Rand's corporate headquarters are in the Airside Business Park in Swords, Fingal, County Dublin, Ireland. Its North America headquarters are in Davidson, North Carolina, United States. Its European headquarters are in Sint-Stevens-Woluwe, Zaventem, Belgium. Its Asia headquarters are in Tower B of City Center of Shanghai in Shanghai, People's Republic of China.[11][12]
Ingersoll Rand's portfolio of businesses are divided into four distinct sectors.
The Climate Solutions sector delivers energy efficient HVACR solutions for customers globally. Its brands include Hussmann, a manufacturer of refrigeration and food merchandising solutions, Thermo King, transport temperature controls, and Krack, warehouse refrigeration, and Trane, a provider of energy efficient heating, ventilating and aire conditioning systems, building contract services, world class parts support and advanced controls for homes and commercial buildings.
The Industrial Technologies sector provides products, services and solutions that enhance energy efficiency, productivity and operations. Ingersoll Rand branded products range from complete compressed air systems, tools and pumps to material and fluid handling systems and environmentally friendly microturbines. Also included in this sector is Club Car, the global leader in golf carts and utility vehicles.
The Residential Solutions sector comprises brands such as Schlage, Schlage LiNK and Trane. Products, services and solutions include mechanical and electronic locks, heating and air conditioning systems, indoor air quality solutions, advanced controls, portable security systems and remote home management.
Security Technologies sector products include electronic and biometric access control systems, locks and locksets, door closers, floor closers, exit devices, steel doors and frames, portable security devices, decorative hardware, cabinet hardware and time, attendance and personnel scheduling systems from brands like Schlage.
In 2007, the Security Technologies sector started to move the Falcon, Monarch and Dor-O-Matic brands into a new single brand of Falcon Door Hardware. The individual brands will lose their identity in 2008 and 2009.
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