logo
Plus   Neg
Share
Email

Ingersoll-Rand Announces Offer To Acquire Precision Flow Systems For $1.45 Bln

Ingersoll-Rand plc (IR) announced it has made a binding offer to acquire Precision Flow Systems from funds advised by BC Partners Advisors L.P. and The Carlyle Group for $1.45 billion. Precision Flow Systems is a provider of fluid management systems. It serves mission critical applications including water, agriculture, food and beverage, pharmaceuticals and process industries.

"The proposed acquisition of PFS will accelerate the strategic growth of our highly profitable Fluid Management business in our Industrial segment, while significantly diversifying and enhancing our product portfolio," said Michael Lamach, CEO of Ingersoll Rand.

PFS generated sales of approximately $400 million in 2018. Ingersoll Rand plans to fund the proposed acquisition through a combination of cash on hand and debt.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...
Follow RTT