Ingersoll to keep away from SPX Flow's plan to explore alternatives
Sept 1 (Reuters) - Pumps and compressors manufacturer Ingersoll Rand Inc IR said on Wednesday it would not participate in SPX Flow's FLOW decision to explore strategic alternatives, including a sale or merger.
SPX Flow, which makes components for machinery used by industries such as food and beverages, in July rejected Ingersoll Rand's sweetened $3.59 billion buyout bid saying it undervalued the company and said it would explore strategic alternatives for the company. nL4N2OV30I
Following this, Ingersoll's Chief Executive Officer Vicente Reynal said the company was committed to engaging with SPX Flow on a friendly basis.
Ingersoll on Wednesday added that acquisitions remain the focal point of its capital allocation framework. nBw2SG4mVa
(Reporting by Shreyasee Raj; Editing by Amy Caren Daniel)