Ingersoll-Rand Company, a leading diversified industrial firm, has agreed to sell its Ingersoll-Dresser Pumps (IDP) business to Flowserve Corporation for $775 million.
Ingersoll-Rand Company, a leading diversified industrial firm, has agreed to sell its Ingersoll-Dresser Pumps (IDP) business to Flowserve Corporation for $775 million. IDP manufactures pumps used in industrial, commercial and municipal applications and had 1999 revenues of approximately $838 million. Expected to close in mid-April, the sale is subject to necessary government and regulatory approvals.
"This transaction represents a significant milestone for both companies," said Herbert L. Henkel, president and chief executive officer of Ingersoll-Rand. "Flowserve will acquire a strong world-class business, and Ingersoll-Rand will use the net proceeds of this sale to acquire businesses in its global growth markets of climate control, industrial productivity, infrastructure development and security and safety."
IDP was formed in 1992, as a joint venture between Ingersoll-Rand Company and Dresser Industries, Inc. In December of 1999, Ingersoll-Rand acquired Dresser's (now a subsidiary of Halliburton Company) 49 percent interest in the joint venture for a net purchase price of $377 million. IDP is headquartered in Liberty Corner, New Jersey, with manufacturing facilities worldwide.
SOURCE: Ingersoll-Rand Company