Includes Product Lines Sold Under the Hibon,
Wilhelm Klein and Hick Hargreaves Brand Names
Hamilton, Bermuda, October 2, 2006--Ingersoll-Rand Company Limited (NYSE:IR), a leading diversified industrial company, today announced that it has acquired the global low-pressure air business (the "pressure business") of BOC Edwards, a business of The Linde Group. The acquisition is not connected with the impending divestment of BOC Edwards' equipment businesses announced by Linde in early September.
"This acquisition augments our leadership as a global provider of innovative and comprehensive compressed air solutions," said Herbert L. Henkel, chairman, president and chief executive officer for Ingersoll Rand. "Through this transaction, we will be able to extend the range of innovative compressed air technologies and services we can provide to diverse markets, such as industrial, environmental, transportation and power, as well as widen our global distribution network."
Under terms of the agreement, Ingersoll Rand has acquired the equity of BOC Edwards' businesses Hibon, Inc., in Montreal, and Wilhelm Klein GmbH, in Esslingen, Germany. The company also has purchased related business assets, including the Hibon, Wilhelm Klein and Hick Hargreaves low-pressure air lines, and employees operating in Brussels, Roubaix, France, and Bolton, the United Kingdom. Additional terms were not disclosed.
The pressure business develops, manufactures, sells and services a complete line of multistage centrifugal blowers and industrial and mobile positive-displacement blowers, complementing Ingersoll Rand's existing line of compressed air technologies and services. Blowers are used to pneumatically convey liquids and powders in transportation and industrial applications, and have diverse applications in wastewater and power industries.
The pressure business will operate as part of Ingersoll Rand Air Solutions, a business unit of Ingersoll Rand's Industrial Technologies Sector.
BOC Edwards is a member of The Linde Group. A world leader in vacuum technology for industrial, scientific, process and semiconductor applications, the business designs, manufactures and supports equipment capable of achieving high vacuums down to 10-10 mbar. In addition to vacuum pumps and systems, BOC Edwards partners with semiconductor fabs, foundries and process tool manufacturers, to provide process-enabling subsystems, supported by best-in-class operations and maintenance services worldwide. The business employs around 4600 people worldwide. Specific information on BOC Edwards can be found at www.bocedwards.com.
The Linde Group is a world leading industrial gases and engineering company with more than 53,000 employees working in around 70 countries worldwide. Following the acquisition of The BOC Group the company has gases and engineering sales of approximately €12 billion. The strategy of The Linde Group is geared towards earnings-based growth and focuses on the expansion of its international business with forward-looking products and services. For more information, please see The Linde Group online at www.linde.com.
Ingersoll Rand is a leading diversified industrial company providing products, services and integrated solutions to industries ranging from transportation and manufacturing to food retailing, construction, and agriculture. With a 135-year-old heritage of technological innovation, we help companies worldwide to be more productive, efficient and innovative. In every line of our business, Ingersoll Rand enables companies and their customers to create progress. For more information, visit www.ingersollrand.com.
This news release includes "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations and business. These statements are based on currently available information and are based on our current expectations and projections about future events. These statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements.
These risks and uncertainties include, but are not limited to: fluctuations in the condition of, and the overall political landscape of, the economies in which we operate; our competitive environment; material changes in technology or technology substitution; our ability to attract, train and retain highly-qualified employees; unanticipated climatic changes; changes in governmental regulation; the costs and effects of legal and administrative proceedings; changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof; currency fluctuations; our ability to complete acquisitions on financially attractive terms and successfully integrate them with our other businesses; and the impact of new accounting standards. Undue reliance should not be placed on such forward-looking statements as they speak only as of the date made. Additional information regarding these and other risks and uncertainties is contained in our periodic filings with the SEC, including, but not limited to, its report on Form 10-Q for the quarterly period ended June 30, 2006.