Ingersoll Rand Inc. - IR STOCK NEWS

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.

Ingersoll Rand reported Q4 revenues of $1.5 billion, a 149% increase year-over-year, mainly due to the recent Transaction. However, this reflects a 5% decline from $1.6 billion in 2019. Net income for the quarter reached $152 million ($0.36 per share), up from $26 million ($0.12 per share) the previous year. Total 2020 revenues were $4.9 billion, a 100% increase with a net loss of $33 million ($0.09 per share). Adjusted EBITDA was $344 million, a 10% rise, while 2021 guidance predicts high-single to low-double digit growth in revenue. The company maintains a strong liquidity position of $2.7 billion.

Ingersoll Rand has announced a five-year collaboration with Google Cloud to enhance connectivity across its 40+ brands. This cloud-based architecture aims to streamline management of IoT devices, improving customer service and operational efficiency. The partnership will enable predictive maintenance, energy efficiency monitoring, and real-time equipment data analysis. CEO Vicente Reynal emphasized the potential for smarter, more efficient products while leveraging Google's advanced security. The collaboration positions Ingersoll Rand to advance its connected product strategy and growth plans.

On February 16, 2021, American Industrial Partners (AIP) announced an agreement to acquire a majority interest in the High Pressure Solutions Segment (HPS) of Ingersoll Rand. The acquisition aims to create a standalone business dedicated to high-pressure pump manufacturing and services in the upstream energy market. Completion is expected in the first half of 2021, pending customary conditions. AIP's experience in product development and operational excellence is anticipated to enhance HPS's growth and customer service capabilities.

Ingersoll Rand (NYSE:IR) has agreed to sell a majority stake in its High Pressure Solutions (HPS) Segment to American Industrial Partners for approximately $300 million. The transaction is expected to close in the first half of 2021, allowing Ingersoll Rand to retain a 45% equity interest in HPS. This move aims to reduce Ingersoll Rand's exposure to the upstream oil and gas market and will support its growth in sustainability-oriented sectors like water and renewable energy. The transaction is seen as a significant step in the company's transformation strategy.

Ingersoll Rand Inc. (NYSE: IR) will release its fourth-quarter and full-year earnings after the market closes on February 22, 2021. A live conference call to discuss these results is scheduled for February 23, 2021, at 8 a.m. Eastern Time. Participants can join by dialing 1-833-502-0496 (domestic) or 1-778-560-2573 (international) with conference ID 8431426. The earnings webcast will be available on the Ingersoll Rand Investor Relations website, with a replay accessible after the call.

Ingersoll Rand (NYSE:IR) has successfully acquired Tuthill Vacuum and Blower Systems for $184 million in cash. This strategic purchase enhances Ingersoll Rand's air compression technology portfolio and integrates Tuthill’s leading brands MD Pneumatics and Kinney Vacuum Pumps. Tuthill, based in Springfield, MO, generates approximately $60 million in annual revenue and employs around 160 staff. The acquisition will bolster Ingersoll Rand’s Industrial Technologies and Services segment, providing expanded product offerings across diverse industries including plastics and food processing.

Haskel Hydrogen Group, part of Ingersoll Rand (NYSE:IR), has announced the deployment of Geno hydrogen refueling stations at Unipetrol public fueling stations across the Czech Republic. This partnership with Bonett, the largest natural gas vendor in the Czech Republic and Poland, marks a significant step in establishing hydrogen mobility infrastructure. The first station is set to be operational by summer 2021, contributing to zero-emission refueling options for consumers. Haskel's Geno range is designed for both heavy and light-duty vehicles, enhancing green transportation solutions in Central Eastern Europe.