Ingersoll-Rand has acquired the remaining 20-percent interest in China-based Shanghai Ingersoll-Rand Compressor. SIRC, which manufactures products and components for Ingersoll-Rand’s Air Solutions, Portable Power and Thermo King businesses, was established in 1987 as a 50/50 joint venture between Ingersoll-Rand and Shanghai Compressor Company. Ingersoll-Rand acquired an additional 30-percent interest in SIRC in 1999. SIRC’s major product lines — stationary and portable air compressors, air dryers and light towers — are sold under the Ingersoll-Rand brand name both in China and in global markets. SIRC 2004 revenues were $89 million. “Our acquisition of SIRC is another major step in our strategy to operate company-owned manufacturing facilities that produce high quality, cost competitive products in emerging markets for local and international customers,” said Herbert Henkel, chairman, president and chief executive of Ingersoll-Rand. As a wholly owned Ingersoll-Rand subsidiary, SIRC will become Ingersoll-Rand (Shanghai) Company Limited.
Ingersoll-Rand acquires remaining stake in compressor joint venture
May 15, 2005