Ingersoll Rand to buy ILC Dover for about $2.33 billion in life sciences push (updated)

Ingersoll Rand

25/03/2024 11:20

(Adds details of the deal in paragraphs 3-5)
       March 25 (Reuters) - Air compressor maker Ingersoll Rand
 IR.N  said on Monday it would buy ILC Dover from investment
firm New Mountain Capital for about $2.33 billion to expand its
presence in the life sciences markets. 
    The deal, expected to close in the second quarter, includes
an earnout tied to the achievement of select operating
efficiency metrics in 2024. 
        ILC manufacturers flexible materials and serves the
aerospace, personal protection and pharmaceutical industries.
  
        "Through ILC, we will get access to approximately 1,000
customers in the broader life science and healthcare sectors,
where we can leverage our demand generation capabilities to
drive incremental growth in other Ingersoll Rand product lines
like compressors," Ingersoll Rand CEO Vicente Reynal said in a
statement. 
    

 (Reporting by Kannaki Deka in Bengaluru; Editing by Saumyadeb
Chakrabarty and Sriraj Kalluvila)
 ((Kannaki.Deka@thomsonreuters.com;))