On Aug. 18, global pumps and compressors manufacturer Ingersoll Rand announced it has completed the acquisition of Howden Roots from Chart Industries in an all-cash transaction of approximately $300 million.
The deal, which was first announced in June, expands Ingersoll Rand’s product portfolio with new and incremental low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand assumed ownership of the Connersville, Indiana, manufacturing facility, officials said in a news release.
Ingersoll Rand expects the acquisition to yield Adjusted EBITDA margins greater than 30% by year three. Roots has joined the Ingersoll Rand’s Industrial Technologies and Services segment.
“This acquisition demonstrates our commitment to inorganic growth through value-enhancing acquisitions,” said Vicente Reynal, Chairman and CEO of Ingersoll Rand.