Ingersoll Rand Inc. (NYSE:IR), Davidson, North Carolina, has agreed to acquire Tuthill Vacuum and Blower Systems, Springfield, Missouri, for $184 million.
Tuthill Vacuum and Blower Systems has 160 employees and annual revenue of $60 million. Tuthill Vacuum and Blower Systems, a division of Tuthill Corp., will join the Ingersoll Rand Industrial Technologies and Services (IT&S) segment.
“We are excited to welcome the Tuthill Vacuum and Blower Systems team to the Ingersoll Rand family,” said Vicente Reynal, CEO of Ingersoll Rand. “This transaction delivers on our commitment to significantly accelerate our growth plan and demonstrates our ability to seek out premium and iconic industrial brands with strong complementary technology and commercial growth opportunities. Following our disciplined capital allocation strategy, we are paying a multiple largely in line with prior acquisitions and expect this transaction will provide a similar opportunity over the coming years to generate ROIC and reduce the post-acquisition multiple. Overall, we are proud of the immediate and long-term value this acquisition is expected to create for our shareholders.”