Ingersoll Rand Inc. - IR STOCK NEWS

Ingersoll Rand (NYSE:IR) announced that KKR Renaissance Aggregator L.P. plans to sell 14,924,081 shares of its common stock in a secondary offering. This sale will be conducted under a registration statement filed with the SEC, with all proceeds going to the Selling Stockholder; Ingersoll Rand will not receive any proceeds. Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are the underwriters for this offering. No shares are being sold by Ingersoll Rand, and the offering is subject to applicable laws.

Ingersoll Rand (NYSE: IR) has announced a partnership with Engineers Without Borders (EWB) to enhance global community development and infrastructure. This initiative aims to provide sustainable solutions in water, sanitation, and energy for underserved communities. Starting May 2021, Ingersoll Rand employees can volunteer on EWB projects, leveraging their expertise for impactful contributions. The collaboration aligns with Ingersoll Rand's ESG goals, emphasizing their commitment to improving lives in over 45 countries through engineering-driven solutions.

Ingersoll Rand (NYSE: IR) announced that Vicente Reynal (President & CEO) and Vikram Kini (CFO) will participate in a virtual fireside chat at the Goldman Sachs Industrials & Materials Conference on May 11, 2021, at 10:30 AM ET. Investors can access the real-time webcast through the Events and Presentations section of their Investor Relations website. A replay will be available post-event. Ingersoll Rand focuses on delivering innovative and technology-driven industrial solutions across its extensive brand portfolio.

Ingersoll Rand (NYSE: IR) reported robust first-quarter results for 2021, with significant double-digit organic orders and revenue growth. CEO Vicente Reynal attributed this success to the company’s strategic focus and the transformative IRX initiative. Key achievements include the sale of a majority interest in its High Pressure Solutions business and an agreement to sell Club Car for around $2 billion, which will enable further investment in core segments. The company also set ambitious diversity goals, reflecting its commitment to creating a positive workplace culture.

Ingersoll Rand Inc. (NYSE: IR) will release its first-quarter earnings after the market closes on April 28, 2021. The company will conduct a conference call on April 29, 2021, at 8 a.m. (Eastern time) to discuss these results. Interested parties can join the call by dialing 1-844-200-6205 domestically or 1-646-904-5544 internationally, using conference ID 833508. A real-time audio webcast will be available on the Ingersoll Rand Investor Relations website, and a replay will be posted after the event.

Platinum Equity has entered a definitive agreement to acquire Club Car from Ingersoll Rand (NYSE:IR) for approximately $1.7 billion. The transaction, anticipated to close by Q3 2021, positions Club Car, a leading manufacturer of golf and utility vehicles, for continued growth. Ingersoll Rand chose Platinum due to its operational expertise. Club Car, known for its innovation, aims to leverage Platinum's resources for expanding its market presence and product offerings, particularly in electric vehicle trends and technology-driven solutions.

Ingersoll Rand (NYSE:IR) announced the sale of its Specialty Vehicle Technologies Segment, Club Car, to Platinum Equity for $1.68 billion. This all-cash deal is valued at approximately 12.1x the 2020 adjusted EBITDA of the segment and is expected to close by Q3 2021, pending customary conditions. CEO Vicente Reynal emphasized that this divestiture aligns with Ingersoll Rand's transformation journey and will provide significant cash for investment in core business areas. The deal highlights Club Car's established market position in low-speed vehicles.

Ingersoll Rand (NYSE:IR) has completed the sale of a majority interest in its High Pressure Solutions (HPS) segment to American Industrial Partners for approximately $300 million, effective April 1. The company retains a 45% equity interest, which will help fund core growth initiatives. This move reduces Ingersoll Rand's exposure to the upstream oil and gas market to less than 2% of total expected revenue for 2021. HPS results will be reported in discontinued operations for Q1 2021, and future earnings from HPS will appear in other income.

Ingersoll Rand (NYSE: IR) has appointed Chris Miorin as its new vice president of investor relations, succeeding Vikram Kini, who moved to chief financial officer. Miorin previously served as vice president of corporate development, playing a significant role in the company's growth strategy, including the acquisition of Tuthill Vacuum and divestiture of the High Pressure Solutions segment. A veteran of the U.S. Army, Miorin brings extensive experience in corporate development and a commitment to community initiatives, aiming to enhance engagement with the investor community.