Based in Coimbatore, India, Hydro Prokav has annual revenue of approximately US$6 million, with more than 80% coming from aftermarket parts.
Hydro Prokav will expand Ingersoll Rand’s presence in progressive cavity pumps and serves as a complementary addition to the recent Seepex acquisition to further penetrate the growing market in India and southeast Asia. The company will join Ingersoll-Rand’s Precision and Science Technologies segment.
In addition to Hydro Prokav, Ingersoll Rand is also acquiring US nitrogen generator manufacturer Holtec Gas Systems LLC and Shanghai Hanye Air Purifying Technology Co Ltd, a Chinese OEM supplier of air treatment products, for a combined cash purchase price of approximately US$35 million.
“Through the use of Ingersoll Rand Execution Excellence (IRX), we continue to execute on our robust M&A funnel. The acquisitions of Holtec, Hanye and Hydro Prokav demonstrate our commitment to finding highly adjacent bolt-ons which add products, capabilities and technologies that enhance the quality of our overall portfolio while expanding our addressable market,” said Vicente Reynal, chairman and CEO of Ingersoll Rand. “All three of these acquisitions are directly aligned with our stated M&A strategy, and we see meaningful opportunity to drive incremental synergies across our global businesses to generate shareholder value.”