Ingersoll Rand
From Wikipedia, the free encyclopedia
| Ingersoll Rand | |
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| Type of Company | Public (NYSE: IR) |
|---|---|
| Founded | 1871 |
| Headquarters | Corporate: Hamilton, Bermuda; Operational: Montvale, NJ, USA |
| Key people | Herbert L. Henkel, CEO Simon Ingersoll, Founder |
| Industry | Diversified industrial manufacturing |
| Revenue | $10.547 billion USD (2005), up 12% from 2004 |
| Website | www.ingersollrand.com |
Ingersoll Rand (NYSE: IR) is a diversified industrial firm founded in 1871. The Ingersoll Rand name came into use in 1905 through the combination of Ingersoll-Sargeant Drill Company and Rand Drill Company. Ingersoll Rand is part of the S&P 500, one of the 11 companies so included that is incorporated outside the U.S.
Ingersoll Rand is a global provider of products, services, and integrated solutions to industries as diverse as transportation, manufacturing, construction, and agriculture. Examples include refrigeration, biometric security systems, medium to large-scale air compressors, and compact vehicles for construction and movement of people and goods.
Mining and construction support equipment (such as mobile diesel generators and compressors) is the primary field identified with the Ingersoll Rand brand, but they also manufacture many products under other brand names, including:
- Bobcat farm and construction equipment
- Club Car golf cars
- Hussmann refrigeration units
- Kryptonite locks
- Schlage locks
- Falcon locks
- LCN door closers
- Von Duprin exit devices
- Thermo King transport refrigeration units
[edit] History
In 1871, Simon Ingersoll founded Ingersoll Rock Drill Company. In 1905 Ingersoll-Sargeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. Ingersoll Rand has largely grown by acquisition since that time. In 2004, the rock drill portion of the business was sold to Atlas Copco.
In October 2001 shareholders voted to move the company's incorporation to Bermuda to avoid U.S. corporate income taxes on products sold overseas. Moving the company on paper cost only $27,000 USD per year, with a tax savings estimated at $40 million USD. See tax haven.
The company's executive offices were moved from Woodcliff Lake, New Jersey to neighboring Montvale, New Jersey in 2004.
[edit] Businesses
Ingersoll Rand's portfolio of businesses are divided into five distinct sectors.
The Climate Control sector includes the brands of Hussman, Koxka, Krack and Thermo-King. Hussman, located in St. Louis, MO, is a full-service commercial refrigeration case manufacturer. Hussman coolers and freezers can be found in most major grocery stores in the United States. Koxka, is a major commercial refrigeration firm for large and small scale food sectors in the European market. Krack services commercial, large commercial and industrial sectors with unit cooling from small walk-in boxes to full cold storage warehouses. Thermo-King, based in Bloomington, MN provides portable refrigeration solutions from mass-transit air-conditioning to sea container refrigeration.
The Construction Technologies sector includes the brands of Ingersoll Rand and Montabert. Ingersoll Rand branded product includes road development equipment such as pavers, rollers and compactors. The Montabert brand is a French company providing rock crushers, pneumatic tools and rock drills. Additionally, the Ingersoll Rand brand of Utility Equipment, such as portable light stands, generators and air compressors and material handlers, backhoes, excavators and fork lifts fall into this category.
The Compact Vehicle Technologies sector manages the Bobcat and Club Car brands. Bobcat is the original skid-steer loader, but also builds compact equipment to work on tracks and now includes compact backhoes, compaction equipment and various other applications. Club Car is primarily a manufacturer of golf carts and other compact transportation equipment. Bobcat and Club Car products are sold globally.
The Industrial Technologies sector is involved in tools, pumps and ergonomic lifting equipment, and the compressed air that powers these devices. This sector also oversees the tool and hoist business of Ingersoll Rand.
The Security Technologies sector provides security and safety products ranging from mechanical locks to integrated enterprised electronic security solutions. Schlage lock has been a part of Ingersoll Rand since the mid-1970s and provides both residential and commercial mechanical and electronic locking solutions. Von Duprin is the original panic exit device company, with product being developed for quick and easy egress from buildings following the Iroquois Theater Fire in Chicago, Illinois. LCN door closers have been providing cast-iron quality door control products since 1877. Other brands in this sector include Falcon locks, Monarch exit devices, Dor-O-Matic door controls, Ives hinges and decorative hardware products, Dexter residential locks, Steelcraft doors, Locknetics electronic security products and electronic security integration services and products from Geoffrey, Electronic Technologies Corp. and Recognition Systems.
