DAVIDSON, N.C. – Ingersoll Rand Inc. has entered into an agreement to acquire Pedro Gil Construcciones Mecánicas, S.L. (“Pedro Gil”) and acquired Westwood Technical Limited (“Westwood Technical”) for a combined upfront cash purchase price of approximately $30 million.
Pedro Gil expands Ingersoll Rand’s presence in Spain and adds an established brand to its portfolio. Pedro Gil has annual revenue of approximately $15 million and will join the Industrial Technologies and Services segment.
Westwood Technical expands Ingersoll Rand’s IIoT offerings with its Aircom product line. Aircom is a self-contained, battery-powered communications device utilizing LoRaWAN technology to transmit data from assets in remote and challenging locations for monitoring and control applications, and is highly complementary to Ingersoll Rand’s YZ Systems business. Westwood Technical will join Ingersoll Rand’s Precision and Science Technologies segment.
“These transactions highlight our funnel generation capabilities and ability to source and execute bolt-on acquisitions that improve the quality of our portfolio,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand.
The acquisition of Westwood Technical closed on September 1, 2022, as did the previously announced acquisitions of Holtec and Hydro Prokav. The acquisition of Pedro Gil is expected to be completed during the fourth quarter of 2022.