Ingersoll Rand

Ingersoll Rand
Public Company
Traded as NYSE: IR
Industry Conglomerate
Founded 1871
Headquarters Swords, Dublin, Ireland and Davidson, North Carolina, United States
Key people
 Michael Lamach, Chairman, President & CEO
Simon Ingersoll, Founder (deceased)
Products Air Solutions
Tools
Material Handling
Golf Car
Utility Vehicles
Time management systems
Stationary Refrigeration
Transport Refrigeration
Residential air conditioning
Commercial air conditioning
Revenue $14.8 billion USD (2011)
$343 million USD (2011)
Number of employees
 52,000 (2011)
Divisions Industrial Technologies
Security Technologies
Climate Solutions
Residential Solutions
Website www.ingersollrand.com

Ingersoll-Rand Inc. (NYSE: IR) is an Irish-American global diversified industrial company formed in 1905 by the merger of Ingersoll-Sergeant Drill Company and Rand Drill Company, rival companies that had each been founded in 1871. Ingersoll-Rand has been a constituent of the S&P 500 Index since replacing Pactiv Corporation on 16 November 2010 (it had previously been in the S&P 500 Index until it was replaced by Quanta Services in June 2009). Its legal headquarters are located in Airside Business Park in Swords, Fingal, County Dublin, Ireland, however the principal administrative headquarters where most executive officers, including the CEO, are located is in the Charlotte, North Carolina suburban town of Davidson.[1]

History

Ingersoll-Sergeant steam drill used in mining in the late 1800s

In 1871, Simon Ingersoll (1818–1894) founded Ingersoll Rock Drill Company in New York,[2] and in 1888 it combined with Sergeant Drill to form Ingersoll Sergeant Drill Company. Also in 1871, brothers Addison Rand (1841–1900) and Jasper Rand, Jr. (1837–1909) established Rand Drill Company with its main manufacturing plant in Tarrytown, New York. Rand drills cleared New York's treacherous Hell Gate channel and were used in the construction of water aqueducts for New York City and Washington, D.C., and tunnels in Haverstraw and West Point, New York, and in Weehawken, New Jersey.[3] In 1905 Ingersoll-Sargeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. Ingersoll Rand has grown largely 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 US$27,000 per year with a tax savings estimated at US$40 million. Ingersoll Rand announced in March 2009 its intention to relocate its offices from Bermuda to Ireland, a decision which shareholders approved in a vote.[4]

In July 2004, the Drilling Solutions business was sold to the Swedish company Atlas Copco. This included factories in United States, China, Japan and India making above ground rotary blasthole and deephole drilling machines. Atlas Copco purchased the company for US$225M. Drilling Solutions was a 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 United States. 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 United States. The business employs approximately 2,000 people worldwide.

On 30 July 2007, Ingersoll Rand announced that the utility and attachment businesses had been sold to Doosan Infracore, part of the South Korean chaebol Doosan, for US$4.9 billion.[5]

On 17 December 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 5 June 2008.[7]

On 4 February 2010, Michael W. Lamach was elected President and Chief Executive Officer by the Board of Directors.[8] On 4 June 2010, Michael W. Lamach was elected Chairman of the company. He retained his titles of President and Chief Executive Officer and succeeded Herbet L. Henkel who retired after serving as chairman of the company since May 2000.[9]

On 2 December 2013, Ingersoll Rand completed the spinoff of its Security Hardware sector into a standalone business named Allegion, which maintains well-known commercial and residential security hardware brands such as Schlage, Von Duprin, LCN, and CISA.[10]

In August 2014, it was announced that Ingersoll-Rand would acquire the centrifugal compression unit of Cameron International for $850 million.[11]

Corporate affairs

Ingersoll Rand's corporate headquarters are in Swords, Fingal, County Dublin, Ireland. Its American headquarters are in Davidson, North Carolina. 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.[12][13]

Brands and subsidiaries

The company's list of brands and subsidiaries include:

See also

References

  1. ↑ "Contact Us - Ingersoll Rand". Retrieved 8 October 2014.
  2. ↑ "Daniel Russell - The Ingersoll Rock Drill". Manufacturer and Builder Magazine. July 1879. Retrieved 8 June 2011.
  3. ↑ The National Cyclopaedia of American Biography 11. New York: James T. White & Company. 1901. p. 265. Retrieved 26 February 2015.
  4. ↑ "Ingersoll Rand moving from Bermuda to Ireland". Market Watch. 5 March 2009. Retrieved 22 September 2009.
  5. ↑ Ingersoll-Rand to Sell its Bobcat, Utility Equipment and Attachments Business Units for $4.9 Billion, Ingersoll-Rand website, assessed 31 July 2007.
  6. ↑ Trane : Ingersoll Rand To Acquire Trane
  7. ↑ Ingersoll Rand - Ingersoll Rand Completes Acquisition of Trane
  8. ↑ Michael W. Lamach Elected Chief Executive Officer of Ingersoll Rand; Herbert L. Henkel to Remain Chairman of the Board until June 2010 Retirement, Ingersoll-Rand website.
  9. ↑ Michael W. Lamach Elected Chairman of Ingersoll Rand; Herbert L. Henkel Retires , Ingersoll-Rand website.
  10. ↑ "Ingersoll Rand Completes Spinoff of Allegion". Retrieved 8 October 2014.
  11. ↑ "Ingersoll-Rand to buy Cameron International unit for $850 million" (Press release). Reuters. 19 August 2014.
  12. ↑ "Contact Us." Ingersoll Rand. Retrieved on 18 January 2011. "Global Headquarters 170/175 Lakeview Drive Airside Business Park Swords, Co. Dublin Ireland." "North America Headquarters 800-E Beaty Street Davidson, NC 28036 USA" "Europe Headquarters Alma Court Building Lenneke Marelaan 6 1932 Sint-Stevens-Woluwe Belgium" "Asia Headquarters 10/F, Tower B, City Center of Shanghai 100 Zun Yi Road Shanghai 200051 People’s Republic of China"
  13. ↑ "Davidson Streets." City of Davidson. Retrieved on 18 January 2011.
  14. ↑ "Home - Nexia Home". Nexia Home. Retrieved 8 October 2014.

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