Benzinga | Dec 1, 2021 12:38PM EST

Ingersoll Rand Acquires Tuthill Pump Group For $85M

* Ingersoll Rand Inc (NYSE:IR) has completed the acquisition of Tuthill Corporation's Pump Group assets in an all-cash transaction of $85 million.

* Pump Group's employees and brands will join the Ingersoll Rand Precision and Science Technologies (PST) segment.

* With approximately 100 employees, annual sales of more than $25 million, and two manufacturing locations in Alsip, Illinois and Ilkeston, U.K., the Pump Group complement existing PST brands, including MP Pumps, Oberdorfer, and ARO, increases PST's market presence.

* Ingersoll Rand expects the identified growth and cost savings opportunities to drive the reduction of Adjusted EBITDA purchase multiple to mid-single digits by year three of ownership.

* Ingersoll Rand held cash and cash equivalents of $2.03 billion as of September 2021.

* Price Action: IR shares are trading higher by 1.54% at $59.24 on the last check Wednesday.