Hamilton, Bermuda, April 6, 2004--Ingersoll-Rand Company Limited (NYSE:IR), a leading diversified industrial firm, today announced that it has acquired the business of ECO Kompressoren bv, a wholly owned subsidiary of Nimpon Trade and Services bv. ECO Kompressoren is based in Vianen, the Netherlands. Terms of the transaction were not disclosed.
ECO Kompressoren, which sells, distributes and provides a broad range of equipment and services for industrial markets primarily in the Netherlands, operates as part of Ingersoll-Rand Air Solutions, a business of Ingersoll-Rand's Industrial Solutions Sector. ECO Kompressoren has approximately 30 employees.
"With the acquisition of ECO Kompressoren, Ingersoll-Rand has enhanced its ability to provide a key European market with full air-system solutions. We are excited that this acquisition will allow us to expand our industrial service capability by capitalizing on ECO's strong market position, particularly in the electronics and food and beverage industries," said Ted Doheny, vice president of Ingersoll-Rand and president of the company's Industrial Solutions business. "A large percentage of ECO's installed base is competitive brand equipment, so the addition of ECO Kompressoren to our business also enables us to extend our service-oriented solutions approach to a wide variety of new customers. This strategy continues to be an important driver of recurring revenue growth for Ingersoll-Rand."
Ingersoll-Rand's solutions approach is focused on enabling customers to improve operating efficiencies and business productivity through the strategic application of Ingersoll-Rand technologies. Solutions typically consist of consulting, auditing, maintenance, monitoring, and other services provided in connection with Ingersoll-Rand and competitive brand products.
Through its solution-oriented approach, Ingersoll-Rand's recurring revenues, which consist primarily of revenues derived from higher-margin aftermarket parts and services, have grown by approximately 55 percent between 2000 and 2003. For the year-end 2003, recurring revenues comprised approximately one fourth of the company's total revenues.
Ingersoll-Rand's Industrial Solutions Sector is composed of a diverse group of businesses focused on providing solutions to enhance customers' industrial efficiency. The sector's Industrial Solutions business is comprised of the business units Air Solutions-Industrial, Air Solutions-Heavy Industrial, Productivity Solutions, and Energy Systems.
IR is a leading innovation and solutions provider for the major global markets of Security and Safety, Climate Control, Industrial Solutions and Infrastructure. The company's diverse product portfolio encompasses such leading industrial and commercial brands as Schlage locks and security solutions; Thermo King transport temperature control equipment; Hussmann commercial and retail refrigeration equipment; Bobcat compact equipment; Club Car golf cars and utility vehicles; and Ingersoll-Rand industrial and construction equipment. In addition, IR offers products and services under many more premium brands for customers in industrial and commercial markets. Further information on IR can be found on the company's web site at www.irco.com.
This news release includes "forward-looking statements" that involve risks and uncertainties. Political, economic, climatic, currency, tax, regulatory, technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Additional information regarding risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-K for the twelve months ended December 31, 2003.