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Gardner Denver, Ingersoll Rand Industrial Segment Finalize Merger

Gardner Denver Holdings, Inc. completed the merger with the Ingersoll Rand (NYSE: IR) Industrial segment at the end of the day on Saturday, February 29, 2020. The newly combined company, named Ingersoll Rand Inc. ("Ingersoll Rand"), will begin trading Monday,

Benzinga · 03/01/2020 22:07

Gardner Denver Holdings, Inc. completed the merger with the Ingersoll Rand (NYSE: IR) Industrial segment at the end of the day on Saturday, February 29, 2020. The newly combined company, named Ingersoll Rand Inc. ("Ingersoll Rand"), will begin trading Monday, March 2, on the New York Stock Exchange under the symbol "IR".

"Today's milestone transforms our potential to generate extraordinary long-term value for our employees, customers, shareholders and communities," said Vicente Reynal, CEO, Ingersoll Rand. "Fueled by our employees' ownership mindset, we operate from a customer-centric culture, as we know they lean on us to help make life better. We are enthusiastic that now, as a stronger company, we can deliver more comprehensive solutions and services across the globe."

The merger of Gardner Denver and Ingersoll Rand Industrial positions the new Ingersoll Rand as a global leader in mission-critical flow creation and industrial technologies. With more than 16,000 employees globally, the combined company produces mission-critical flow creation systems, including air compressors, pumps, blowers, the well-known Club Car brand of electric vehicles and systems for fluid management, loading and material handling.

Ingersoll Rand Financial Reporting Segments

Effective immediately, Ingersoll Rand will operate as four reportable segments:

1. Industrial Technologies and Services

The Industrial Technologies and Services segment will include a combination of the Ingersoll Rand Industrial Compression Technologies and Services (CTS) business and the Gardner Denver Industrials business, which will be managed through three regional business units, Americas, Asia Pacific and Europe, Middle East, India and Africa (EMEIA). Industrial Technologies and Services EMEIA will also include Gardner Denver's EMCO Wheaton Fuel Systems and Runtech businesses.

In addition, the Industrial Technologies and Services segment will include:

A new Pressure and Vacuum Solutions business unit that includes brands and offerings with a significant Engineered-to-Order (ETO) focus, including Nash, Garo, Ingersoll Rand Industrial Multi-stage Gear (MSG) Centrifugal Compressors, Gardner Denver Custom Engineered Products (CEP) and EMCO Wheaton Loading Systems.
The Power Tools and Lifting business unit.
2. Precision and Science Technologies

This segment will include Ingersoll Rand's Industrial Precision Flow Systems (PFS) business unit as well as Gardner Denver's Medical business unit and Gardner Denver's Specialty Pumps.

3. High Pressure Solutions

High Pressure Solutions will include Gardner Denver's Petroleum and Industrial Pump business.

4. Specialty Vehicle Technologies

This segment will consist of Ingersoll Rand's Industrial Club Car business.

Ingersoll Rand Board of Directors

Ingersoll Rand has also appointed its three newest board members, Kirk E. Arnold, Gary D. Forsee and Tony L. White, who will commence their board service effective immediately. They are joining pre-merger Gardner Denver board members Chairperson Peter M. Stavros, Elizabeth Centoni, William P. Donnelly, John Humphrey, Marc E. Jones, Vicente Reynal and Joshua T. Weisenbeck to form the new Ingersoll Rand board.

Arnold brings leadership in critical areas such as entrepreneurship, employee engagement and ownership, technology and demand generation. She is currently an executive-in-residence for General Catalyst Ventures, where she works with management teams to help drive growth, and is a senior lecturer at the MIT Sloan School of Management. Arnold previously served as CEO of Data Intensity, COO at Avid, and CEO and President of Keane, Inc. Her knowledge and experience will be critical to Ingersoll Rand's talent development initiatives, which are foundational to the company's long-term strategy.

With broad operational and financial knowledge, Forsee brings substantial experience to all aspects of the company's business. Forsee's experience as chairman and CEO of Sprint Nextel Corporation will provide the company with insights on markets being driven by technological change. In addition, as the past President of the University of Missouri System, he will bring invaluable guidance to Ingersoll Rand as it develops and executes on its talent, financial and operational plans.

White's 13 years as chairman and CEO of advanced-technology life sciences firm Applied Biosystems Inc. and 26 years in various leadership positions at Baxter International, Inc. provides Ingersoll Rand with an expert on innovation as a source of growth. His extensive management experience will provide the company substantial expertise across all aspects of operational, talent and financial affairs. White's board membership and knowledge related to biotechnology and healthcare delivery systems will benefit the company generally, and specifically with respect to its medical business.