(RTTNews) - Gardner Denver Holdings Inc. completed the merger with the Ingersoll Rand Industrial segment. The newly combined company, named Ingersoll Rand Inc., will begin trading March 2, on the New York Stock Exchange under the symbol "IR".
Ingersoll Rand will operate with a four-segment reporting structure, effective immediately. They are Industrial Technologies and Services, Precision and Science Technologies, High Pressure Solutions, and Specialty Vehicle Technologies.
Three existing members of the Ingersoll Rand Board of Directors join seven existing Gardner Denver directors to form the newly combined Ingersoll Rand Board of Directors.
In April 2019, Gardner Denver and Ingersoll-Rand reached an agreement, by which Ingersoll Rand would separate its Ingersoll Rand Industrial unit by way of a spin-off to shareholders to combine with Gardner Denver.
As per the terms of the deal, existing Ingersoll Rand shareholders would receive 50.1% of the shares of the new industrial company on a fully diluted basis, valued at approximately $5.8 billion. The Gardner Denver shareholders would retain 49.9% of the shares of IndustrialCo.
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