Sources
Help build the largest human-edited directory on the web.
Submit a site - Become an editor
Wikipedia. Licensed under the GNU Free Documentation License.
Are you an expert in this subject? Join the discussion and share your knowledge at Wikipedia.org.
Ingersoll Rand
From Wikipedia, the free encyclopedia
| Ingersoll Rand | |
|---|---|
 |
|
| Type | Public (NYSE: IR) |
| Founded | 1871 |
| Headquarters | Incorporation: Hamilton, Bermuda; Operational and executive: Montvale, NJ, USA |
| Key people | Herbert L. Henkel, CEO Simon Ingersoll, Founder |
| Industry | Diversified industrial manufacturing |
| Revenue | $10.547 billion USD (2005), up 12% from 2004 |
| Website | www.ingersollrand.com |
Ingersoll Rand (NYSE: IR) is a diversified industrial firm founded in 1871. The Ingersoll Rand name came into use in 1905 through the combination of Ingersoll-Sargeant Drill Company and Rand Drill Company. Ingersoll Rand is part of the S&P 500, one of the 13 companies in that index that is incorporated outside the U.S.
Ingersoll Rand is a global provider of products, services, and integrated solutions to industries as diverse as transportation, manufacturing, construction, and agriculture. Examples include refrigeration, biometric security systems, medium to large-scale air compressors, and compact vehicles for construction and movement of people and goods.
Mining and construction support equipment (such as mobile diesel generators and compressors) is the primary field identified with the Ingersoll Rand brand, but they also manufacture many products under other brand names, including:
- Club Car golf cars
- Hussmann refrigeration units
- Kryptonite locks
- Schlage locks
- Falcon locks
- LCN door closers
- Von Duprin exit devices
- Thermo King transport refrigeration units
Contents |
In 1871, Simon Ingersoll founded Ingersoll Rock Drill Company. 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 2001 shareholders voted to move the company's incorporation to Bermuda to avoid 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. See tax haven.
The company's executive offices were moved from Woodcliff Lake, New Jersey to neighboring Montvale, New Jersey in 2004.
In July of 2004, the Drilling Solutions business of Ingersoll Rand was sold to Atlas Copco. In May of 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 will be 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 of 2007, Swedish truckmaker Volvo announced has agreed 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, it was 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. [1]
On December 17, 2007, it was announced that I-R has purchased HVAC supplier Trane in a stock and cash transaction.[2]
Ingersoll Rand's portfolio of businesses are divided into three distinct sectors.
The Climate Control Technologies includes the brands of Hussmann, Koxka, Krack and Thermo-King. Hussmann, located in St. Louis, MO, is a full-service commercial refrigeration case manufacturer. Hussman coolers and freezers can be found in most major grocery stores in the United States. Koxka, is a major commercial refrigeration firm for large and small scale food sectors in the European market. Krack services commercial, large commercial and industrial sectors with unit cooling from small walk-in boxes to full cold storage warehouses. Thermo-King, based in Bloomington, MN provides portable refrigeration solutions from mass-transit air-conditioning to sea container refrigeration.
The former Construction Technologies sector included the brands of Ingersoll Rand and Montabert. Ingersoll Rand branded product includes road development equipment such as pavers, rollers and compactors. This division was acquired by Volvo Construction Equipent on the 30th of April 2007. The Montabert brand is a French company providing rock crushers, pneumatic tools and rock drills. Additionally, the Ingersoll Rand brand of Utility Equipment, such as portable light towers, generators, towable air compressors, material handlers, backhoes, excavators, wheel loaders and fork lifts fell into this category. Sold to Volvo in 2007.
The former Compact Vehicle Technologies sector managed the Bobcat and Club Car brands. Bobcat is the original skid-steer loader, but also builds compact equipment to work on tracks and now includes compact excavators, compaction equipment and various other applications. Club Car is primarily a manufacturer of golf carts and other compact transportation equipment. Bobcat and Club Car products are sold globally. The sale of Bobcat was announced in July of 2007, (deal closed on 30-NOV-2007) to Doosan Infracore of South Korea for $4.9 billion. This was the largest foreign acquisition ever made by a South Korean firm. Club Car will be picked up by Industrial Technologies.
The Industrial Technologies sector is divided into two groups: Air Solutions and Productivity Solutions. The Productivity Solutions Group (ASG) is involved in tools, pumps, ergonomic lifting equipment, and hoists. The Air Solutions Group (ASG) involves the compressed air that powers these devices as well as air compressors, blowers and vacuum pumps for a variety of commercial, industrial and process applications.
The Security Technologies sector provides security and safety products ranging from mechanical locks to integrated enterprised electronic security solutions. Schlage lock has been a part of Ingersoll Rand since 1974 and provides both residential and commercial mechanical and electronic locking solutions. Von Duprin is the original panic exit device company, with product being developed for quick and easy egress from buildings following the Iroquois Theater Fire in Chicago, Illinois. LCN door closers have been providing cast-iron quality door control products since 1877. Other brands in this sector include Falcon locks, Monarch exit devices, Dor-O-Matic door controls, Ives hinges and decorative hardware products, Dexter residential locks, Steelcraft doors, Locknetics electronic security products and electronic security integration services and products from Geoffrey, Electronic Technologies Corp. and Recognition Systems.
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.
- ^ Ingersoll-Rand to Sell its Bobcat, Utility Equipment and Attachments Business Units for $4.9 Billion, Ingersoll-Rand website, assessed July 31 2007.
- ^ http://www.trane.com/Corporate/IR2007/index.asp