Ingersoll Rand - History

History

In 1871, Simon Ingersoll founded Ingersoll Rock Drill Company in New York. 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 October 2002 shareholders voted to move the company's incorporation to Bermuda to capitalize on the savings on 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. Ingersoll Rand announced in March 2009 their intention to relocate their offices from Bermuda to Ireland, a decision which shareholders approved in a vote.

In July 2004, the Drilling Solutions business was sold to the Swedish company Atlas Copco. This included factories in US, China, Japan and India making above ground rotary blasthole and deephole drilling machines. Atlas Copco purchased the company for 225M USD. Drilling Solutions was the original legacy business from the company's founding.

In May 2007, the company announced it was looking into a sale or spin-off of its Bobcat, utility equipment, and attachments divisions. With this divestiture, Ingersoll Rand was left with the Industrial Technologies, Climate Control Technologies, and Security Technologies sectors. This would complete the transformation from the diversified machinery label to a diversified industrial company.

In February 2007, Volvo, a Swedish truck and construction equipment manufacturer, announced its agreement to buy the road construction equipment division of Ingersoll-Rand for $1.3 billion in cash to expand its operations in the U.S. The road unit manufactures and sells asphalt paving equipment, compaction equipment, milling machines and construction-related material handling equipment and generated net revenues of approximately $850 million for 2006. The sale includes manufacturing facilities in Pennsylvania, Germany, China and India, as well as 20 distribution and service facilities in the U.S. The business employs approximately 2,000 people worldwide.

On July 30, 2007, Ingersoll Rand announced that the utility and attachment businesses had been sold to Doosan Infracore, part of the South Korean chaebol Doosan, for USD $4.9 billion.

On December 17, 2007, Ingersoll Rand announced an offer to purchase HVAC supplier, Trane, in a stock and cash transaction. The purchase was approved by Trane's stockholders, and the unit became a part of the Climate Control Technologies business, which is divided into commercial and residential business units, each reporting directly to the Chairman. The sale was completed on June 5, 2008.

On February 4, 2010, Michael W. Lamach was elected President and Chief Executive Officer by the Board of Directors.

On June 4, 2010, Michael W. Lamach was elected Chairman of the company. He retained his current titles of President and Chief Executive Officer and succeeded Herbet L. Henkel who retired after serving as chairman of the company since May, 2000.