Ingersoll-Rand Completes Acquisition of Superay, China-based Manufacturer of Pneumatic Tools
Hamilton, Bermuda, March 31, 2005--Ingersoll-Rand Company Limited (NYSE:IR), a leading diversified industrial firm, today announced that it has completed the acquisition of the remaining 25-percent interest in Superay International Limited, a manufacturer of pneumatic tools based in Changzhou, China. Terms of the transaction were not disclosed. Ingersoll-Rand acquired a 75-percent interest in Superay in a series of transactions in 2002.
Superay, which was founded in 1994, manufactures pneumatic tools, including air-powered impact and ratchet wrenches, drills, sanders and die grinders. Its products are sold internationally as well as in China, primarily under the Ingersoll-Rand brand name. The company employs approximately 425 people at its manufacturing and engineering facility in Changzhou.
"The acquisition of Superay advances our strategy to operate wholly owned manufacturing facilities that produce high quality, cost competitive products in emerging markets for local and international customers," said Herbert L. Henkel, chairman, president and chief executive officer of IR. "Since acquiring our first interest in Superay in 2002, the company's facility has tripled production while maintaining our high quality standards. This acquisition will allow us to better leverage Superay's manufacturing and engineering capabilities to expand our presence in several of China's high-growth markets, such as automotive service, automotive assembly, electronics, appliances, and various process industries."
In connection with the transaction, Superay will be renamed Ingersoll-Rand (Changzhou) Company Limited.
Ingersoll-Rand, through its Industrial Solutions Sector, is a leading provider of air compression systems; microturbines; generators; pneumatic, electric and cordless tools; and fluid handling and dispense systems for diverse markets.
Ingersoll-Rand is a leading innovation and solutions provider for the major global markets of Climate Control, Industrial Solutions, Infrastructure, and Security and Safety. 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. In addition, economic and regulatory conditions and other factors could affect the timing or completion of the transaction. 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 year ended December 31, 2004.