Ingersoll Rand to buy SPX FLOW air treatment business
Ingersoll Rand has entered into an agreement to acquire SPX FLOW’s Air Treatment business for approximately $525 million.
With expected revenue of approximately $180 million in 2022, the Air Treatment business is a manufacturer of desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. The business has manufacturing capabilities in the U.S., Germany and South Korea with nearly 500 employees and goes to market through the brands Hankison, Pneumatic Products, Jemaco, Deltech and Delair.
“We are excited to welcome the SPX FLOW Air Treatment team into the Ingersoll Rand family,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “Our customers lean on us to deliver innovative technologies that drive reliability, efficiency, performance and excellence. Compressed air dryer and filtration equipment helps increase the production and process reliability of the compressor and continues our strategy of expanding our product offerings in the broader compressor ecosystem. The business is highly complementary and we expect it to be driven by the same sustainability trends that we see as a tailwind for our compressor business.”
Reynal added that the acquisition adds a highly complementary product portfolio, and nearly half of its revenue is from recurring aftermarket offerings.
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