Ingersoll Rand Inc has completed the sale of the majority interest in its High Pressure Solutions (HPS) segment to the private equity firm American Industrial Partners (AIP).

Ingersoll Rand will retain a 45% common equity interest in the HPS business.

The company will use the approximately US$300 million proceeds from the sale to support core, sustainability-oriented growth initiatives.

This transaction significantly reduces Ingersoll Rand’s direct exposure to the upstream oil and gas market to non-material revenue exposure of less than 2% of total expected 2021 revenue.