Ingersoll Rand Inc has entered into an agreement to acquire the assets of Tuthill Vacuum and Blower Systems from Tuthill Corp, in an all-cash transaction valued at US$184 million.
Springfield, Missouri, USA-based Tuthill Vacuum and Blower Systems designs and manufactures positive displacement blowers, mechanical vacuum pumps, vacuum boosters and engineered systems. The business employs around 160 people and has annual revenues of around U$60 million.
When the deal closes, Tuthill Vacuum and Blower Systems’ employees and brands will join the Ingersoll Rand Industrial Technologies and Services (IT&S) segment. Ingersoll Rand’s IT&S segment already manufactures and services compressor, vacuum and blower solutions.
“This transaction delivers on our commitment to significantly accelerate our growth plan and demonstrates our ability to seek out premium and iconic industrial brands with strong complementary technology and commercial growth opportunities,” said Vicente Reynal, CEO of Ingersoll Rand.
Steven Westfall, CEO and president of Tuthill Corp, said: “Our business in Springfield is loaded with dedicated professionals who really care to make a difference. It’s more than difficult to say goodbye to the Vacuum & Blower team – and I’m confident they will find a terrific new home as a part of the Ingersoll Rand team.”