MELBOURNE, Australia, March 1, 2023 /PRNewswire/ -- In March 2023, the new Ingersoll Rand (hereinafter referred to as "Ingersoll Rand"), a company created through the merger of then Gardner Denver and Ingersoll Rand Industries, will celebrate its third anniversary. Ingersoll Rand Inc. (NYSE:IR) is a global provider of mission-critical flow creation and industrial solutions, with the business covering air compressors, pumps, blowers and power tools, as well as fluid management and material lifting systems among other products. Over the past three years, Ingersoll Rand has been steadily developing the business and market layout, creating value for customers as guided by the concept of sustainable development.
Expanding Brand Matrix and Business Capabilities
In the past three years, Ingersoll Rand acquired more than 20 companies or businesses that are highly related or complementary to its own business. With recent acquisitions including SPX FLOW's Air Treatment Business, Seepex, Hydro Prokav and Hanye, Ingersoll Rand continues to accelerate its growth and deliver on its commitment to advance digitalization capabilities, aftermarket growth and complementary technology and innovation efforts.
As a leading manufacturer of reliable and energy efficient compressed air dryer and filtration equipment that helps increase production and process reliability, SPX FLOW's Air Treatment Business, owner of renowned brands like Hankison and Jemaco, continues Ingersoll Rand's strategy of expanding product offerings in the broader compressor ecosystem.
Seepex is a world-leading manufacturer of progressive cavity pumps, a segment of positive displacement pumps that primarily serve the water, wastewater, food and beverage, and chemical end markets. The additions of Holtec, Hanye and Hydro Prokav advance Ingersoll Rand's inorganic growth strategy and demonstrate its commitment to disciplined inorganic growth in adjacent products and geographies. The acquisitions will expand the company's air treatment capabilities and enhance its progressive cavity pump market penetration.
Adhering to Sustainable Development for an All-win Situation
While expanding its business, Ingersoll Rand formulates and implements its sustainable development goals and strategic planning, promising to reduce greenhouse gas emissions generated during production and operation by 60% by 2030 and become carbon neutral by 2050. These goals are also an important part of Ingersoll Rand's ESG strategy.
The concept of sustainable development runs through Ingersoll Rand's operations and customer value globally. Ingersoll Rand's first factory using renewable energy is the Wujiang Factory in Suzhou, China. The facility's 75,000 m2 roof was converted into a solar power system to provide power for production. From 2020 to late 2022, Ingersoll Rand has successfully completed eleven solar installation projects including the newest completed solar project in the Schopfheim plant in Germany. As a result, the plants' environmental impact has been significantly reduced, while the operating costs are decreasing year by year.
Ingersoll Rand is widely recognized for its sustainable development practices and performance. In 2022, Ingersoll Rand was named to the Sustainability Yearbook 2022, S&P Global's annual and comprehensive listing, ranking within the top 15% of its industry category, Machinery and Electrical Equipment, and was distinguished as an "Industry Mover". In the American Business Awards 2022, Ingersoll Rand won three Stevie Awards for its growth achievements.
Since 2020, Ingersoll Rand's business has been growing faster than the market average thanks to Ingersoll Rand Execution Excellence (IRX), the execution engine based on simple processes that drive a high-performance culture while instilling Ingersoll Rand's values and allowing execution of the strategic areas of focus in self-directed work teams.
Adhering to the company purpose of "Lean on us to make life better" and upholding the sense of ownership, Ingersoll Rand, with full confidence and a pragmatic and humble attitude, will continue to grow in the ever-changing and upgrading market environment.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mind-set, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our portfolio of products consists of air compressors, pumps, blowers, and systems for fluid management, loading and material handling as well as power tools. With over 16,000 employees globally, our team develops customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.