The Air Treatment business, which includes the Hankison, Pneumatic Products, Jemaco, Deltech and Delair brands, manufactures desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. With expected 2022 revenue of approximately US$180 million, the business has manufacturing capabilities in the US, Germany and South Korea and nearly 500 employees.
When the deal closes, the SPX Flow Air Treatment business will join Ingersoll Rand’s Industrial Technologies and Services (IT&S) segment.
“We are excited to welcome the SPX Flow Air Treatment team into the Ingersoll Rand family,” said Vicente Reynal, chairman and CEO of Ingersoll Rand. “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.”
“Not only does the acquisition add a highly complementary product portfolio, nearly half of its revenue is from recurring aftermarket offerings - one of our critical strategic acquisition criteria,” added Reynal.
“I’d like to thank the team for their dedication in developing a high-quality business and for their commitment to serving customers,” said Marc Michael, president and CEO of SPX Flow. “Being a part of Ingersoll Rand is an exciting next step for the business.”
The all-cash transaction is expected to close later this year.