Ingersoll Rand To Buy Tuthill's Pump Group For Over $84 Mln Cash

(RTTNews) - Ingersoll Rand Inc. (IR), a provider of industrial equipment, technologies, and related services, said on Tuesday that it agreed to acquire Tuthill Corporation's Pump Group for $84.6 million in cash.

The transaction is expected to close in the fourth quarter of 2021. Upon the close of the transaction, the employees and brands of the Pump Group will join the Ingersoll Rand Precision and Science Technologies (PST) segment.

Vicente Reynal, president and chief executive officer of Ingersoll Rand commented: "With an IRX-driven playbook in place, I'm confident the integration of the Pump Group will be as seamless and successful as the prior transaction, and will help extend our portfolio of mission critical, high margin pumping solutions within PST. This transaction aligns with our M&A focused capital allocation strategy, meets our strategic and financial criteria, and we expect it to deliver meaningful shareholder value through synergy realization, including a mid-single digit Adjusted EBITDA purchase multiple by year three of ownership."

Tuthill's Pump Group, a gear and rotary piston pump solutions provider, employs approximately 100 staff members with annual sales of over $25 million.