Ingersoll Rand Acquires Attachment Company

October 13, 2006 • Ingersoll Rand Co. Ltd., Hamilton, Bermuda, announced it has signed an agreement to acquire Geith International, a construction equipment attachment provider, 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, and upon its close, Geith International will operate as part of the attachments business unit within the Ingersoll Rand Construction Technologies Sector.

 

“Geith represents a key element in our strategy to grow our global attachments business and augment our base of recurring revenues,” said Herbert L. Henkel, chairman, president and chief executive officer 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 throughout our attachment business.”

 

Founded in 1950, Geith, Slane, Ireland, 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, Virginia, and a sales office in Pierrelaye, France. Geith generated revenues of approximately $54 million in its last fiscal year. The company has approximately 290 employees.