Ingersoll-Rand Co. last week signed a definitive agreement to acquire Geith International, a Slane, Ireland-based provider of attachment products for construction equipment, from management shareholders and two venture capital funds managed by Bank of Scotland (Ireland) Ltd. The acquisition is expected to close in the fourth quarter of 2006. Terms were not disclosed.
“Geith represents a key element in our strategy to grow our global attachments business, and augment our base of recurring revenues,” said Herbert Henkel, chairman, president and CEO of Ingersoll Rand. “Geith’s brand reputation, distribution channel and diverse line of attachments complement and extend the established attachments offerings of our construction and compact-equipment businesses. In addition, Geith’s technologies will enable us to more quickly and cost-efficiently bring to market innovative products across our attachment business.”
Founded in 1950, Geith develops a wide range of attachments for equipment used in general construction, excavation, demolition and scrap-handling industries. In addition to its facility in Slane, Geith operates production, sales and service facilities in Tredegar, Wales, and Petersburg, Va., and a sales office in Pierrelaye, France. For its fiscal year ended March 31, 2006, Geith generated revenues of approximately €42 million (about US $54 million). The company has approximately 290 employees.
Geith will operate as part of the attachments business unit within the Ingersoll Rand Construction Technologies Sector, which designs, manufactures, sells and services road construction and repair equipment, portable power products, general-purpose construction equipment, attachments and portable light towers and compressors.
Hamilton, Bermuda-based Ingersoll Rand is a global diversified industrial company providing products, services and integrated solutions to industries ranging from transportation and manufacturing to food retailing, construction and agriculture.