Ingersoll-Rand Inc Stock Price, News & Analysis

Platinum Equity has entered a definitive agreement to acquire Club Car from Ingersoll Rand (NYSE:IR) for approximately $1.7 billion. The transaction, anticipated to close by Q3 2021, positions Club Car, a leading manufacturer of golf and utility vehicles, for continued growth. Ingersoll Rand chose Platinum due to its operational expertise. Club Car, known for its innovation, aims to leverage Platinum's resources for expanding its market presence and product offerings, particularly in electric vehicle trends and technology-driven solutions.

Ingersoll Rand (NYSE:IR) announced the sale of its Specialty Vehicle Technologies Segment, Club Car, to Platinum Equity for $1.68 billion. This all-cash deal is valued at approximately 12.1x the 2020 adjusted EBITDA of the segment and is expected to close by Q3 2021, pending customary conditions. CEO Vicente Reynal emphasized that this divestiture aligns with Ingersoll Rand's transformation journey and will provide significant cash for investment in core business areas. The deal highlights Club Car's established market position in low-speed vehicles.

Ingersoll Rand (NYSE:IR) has completed the sale of a majority interest in its High Pressure Solutions (HPS) segment to American Industrial Partners for approximately $300 million, effective April 1. The company retains a 45% equity interest, which will help fund core growth initiatives. This move reduces Ingersoll Rand's exposure to the upstream oil and gas market to less than 2% of total expected revenue for 2021. HPS results will be reported in discontinued operations for Q1 2021, and future earnings from HPS will appear in other income.

Ingersoll Rand (NYSE: IR) has appointed Chris Miorin as its new vice president of investor relations, succeeding Vikram Kini, who moved to chief financial officer. Miorin previously served as vice president of corporate development, playing a significant role in the company's growth strategy, including the acquisition of Tuthill Vacuum and divestiture of the High Pressure Solutions segment. A veteran of the U.S. Army, Miorin brings extensive experience in corporate development and a commitment to community initiatives, aiming to enhance engagement with the investor community.

Ingersoll Rand reported Q4 revenues of $1.5 billion, a 149% increase year-over-year, mainly due to the recent Transaction. However, this reflects a 5% decline from $1.6 billion in 2019. Net income for the quarter reached $152 million ($0.36 per share), up from $26 million ($0.12 per share) the previous year. Total 2020 revenues were $4.9 billion, a 100% increase with a net loss of $33 million ($0.09 per share). Adjusted EBITDA was $344 million, a 10% rise, while 2021 guidance predicts high-single to low-double digit growth in revenue. The company maintains a strong liquidity position of $2.7 billion.

Ingersoll Rand has announced a five-year collaboration with Google Cloud to enhance connectivity across its 40+ brands. This cloud-based architecture aims to streamline management of IoT devices, improving customer service and operational efficiency. The partnership will enable predictive maintenance, energy efficiency monitoring, and real-time equipment data analysis. CEO Vicente Reynal emphasized the potential for smarter, more efficient products while leveraging Google's advanced security. The collaboration positions Ingersoll Rand to advance its connected product strategy and growth plans.

On February 16, 2021, American Industrial Partners (AIP) announced an agreement to acquire a majority interest in the High Pressure Solutions Segment (HPS) of Ingersoll Rand. The acquisition aims to create a standalone business dedicated to high-pressure pump manufacturing and services in the upstream energy market. Completion is expected in the first half of 2021, pending customary conditions. AIP's experience in product development and operational excellence is anticipated to enhance HPS's growth and customer service capabilities.

Ingersoll Rand (NYSE:IR) has agreed to sell a majority stake in its High Pressure Solutions (HPS) Segment to American Industrial Partners for approximately $300 million. The transaction is expected to close in the first half of 2021, allowing Ingersoll Rand to retain a 45% equity interest in HPS. This move aims to reduce Ingersoll Rand's exposure to the upstream oil and gas market and will support its growth in sustainability-oriented sectors like water and renewable energy. The transaction is seen as a significant step in the company's transformation strategy.