Officials says acquisitions are part of IRÃ¢â‚¬â„¢s growth strategy
September 30, 2004
MOUNT SNOW, Vt. - Officials from Ingersoll-Rand said the company plans to pursue bolt-on acquisitions in the future to strengthen its business, a strategy that could directly impact its growing security business.
The announcement was made at Prudential Equity GroupÃ¢â‚¬â„¢s Ã¢â‚¬Å“Inside our Best MindsÃ¢â‚¬Â conference, held here in late September.
According to Herbert Hinkel, chairman, president and chief executive officer of Ingersoll-Rand Co., IR intends to use the proceeds from the sale of its Dresser Rand Unit to fund purchases to complement its four core platforms. Those platforms include Security and Safety, Climate Control, Industrial Solutions and Infrastructure.
Ingersoll-Rand announced plans to sell its Dresser-Rand Unit in August for $1.2 billion. The business develops and sells compressors, steam and gas turbines and employs 4,500 people.
In recent years, IR has steadily grown its security business. Most recently, its focus has been on buying systems integrators, such as FX Technologies, Electronic Technologies Corp. and Integrated Access Systems.
The company also offers a variety of security products, such as access control systems, locking systems and biometric products.