Ingersoll Rand To Sell Majority Interest In High Pressure Solutions Segment

(RTTNews) - Ingersoll Rand Inc. (IR) has entered into an agreement to sell a majority interest in its High Pressure Solutions Segment to the private equity firm American Industrial Partners. Ingersoll Rand will receive cash proceeds of approximately $300 million at closing for its majority interest.

The deal is anticipated to be completed in the first half of 2021. Ingersoll Rand will retain a 45% common equity interest in the business.

Vicente Reynal, CEO of Ingersoll Rand, said: "Today's transaction significantly reduces our direct exposure to the upstream oil and gas market to non-material revenue exposure of <2%, and accelerates our ESG commitments."