Ingersoll Rand Expands Hydraulics, Pump Portfolio with New Acquisitions

Ingersoll Rand acquired Air Power Systems Co. (APSCO), Blutek, and UT Pumps & Systems (UT Pumps) for a combined price of approximately $135 million. These acquisitions add more than $50 million in cumulatively acquired revenue and, in 2024, Ingersoll Rand closed 14 acquisitions under its capital allocation strategy.

“Investments in sustainability, innovation, and aftermarket are core to our growth and today’s announcement underscores our commitment to deploy capital in pursuit of this strategy,” said Vicente Reynal, Chairman and CEO of Ingersoll Rand. “These acquisitions demonstrate our bolt-on acquisition playbook, which when combined Ingersoll Rand Execution Excellence, will continue to deliver value to both customers and shareholders.”

APSCO is U.S.-based, providing hydraulic and pneumatic products and engineered solutions for specialty work truck vehicles. The company offers hydraulic coolers, systems, and components, as well as pneumatic consoles, cylinders, valves, and switches. APSCO, to join the Industrial Technologies and Services (IT&S) segment, will expand Ingersoll Rand’s position in the dry and liquid bulk markets with energy-efficient solutions.

Blutek is Italy-based and specializes in the design and production of engineered solutions for compressed air and nitrogen generation in mission-critical environments. It is a certified supplier to engineering, procurement, and construction companies, and will increase Ingersoll Rand’s competitiveness for high-specification projects. Also joining the IT&S segment, Blutek adds technology capabilities, expertise, and aftermarket potential in high-growth markets, such as biogas and carbon capture.

High-pressure triplex plunger pump; Image Credits: UT Pumps

UT Pumps is an Indian manufacturer of screw pumps and triplex plunger pumps, adding new pump technology to Ingersoll Rand’s current portfolio. The high-pressure pumps are focused on markets such as water, wastewater, food and beverage, pharmaceuticals, general industrial, and chemicals. UT Pumps will join the Precision and Science Technologies segment.

Ingersoll Rand News & Acquisitions

In May 2024, Inkbit announced the closing of a $19 million financing round, led by Ingersoll Rand, to advance its multi-material additive manufacturing process: vision-controlled jetting (VCJ). In addition to funding from Ingersoll Rand, companies including Future Labs Capital, GC Ventures America, iGlobe Partners, Ocado, Phoenix Venture Partners, Stratasys, Zeon Venture, and others helped to finance Inkbit’s process.

The system builds parts layer-by-layer on a platform that moves under several stations, each of which performs specific functions such as material jetting, UV curing, inspection, cooling, and more. It departs from the original assembly line by building multi-functional products in a single pass from raw materials. Inkbit’s VCJ can be applied in fields like robotics, healthcare, mobility, industrial automation, and defense.

In October 2023, Ingersoll Rand completed two acquisitions for a total all-cash purchase of $26 million. The company absorbed Oxywise s.r.o. and Fraserwoods Fabrication and Machining Ltd. to expand an existing portfolio of air compression technology and technical support capabilities. Oxywise and Fraserwoods are part of Ingersoll Rand’s IT&S division.

Oxywise is a Slovakia-based company that develops air treatment solutions with onsite oxygen and nitrogen generators, both of which utilize pressure swing adsorption technology, cylinder filling systems, containerized systems, and gas control solutions. Fraserwoods specializes in services, repair and return, and remanufacturing of blowers and pumps for larger OEMs in the vacuum truck industry.