Ingersoll Rand Inc. has confirmed plans to purchase ILC Dover from New Mountain Capital, LLC. The agreement includes an initial cash payment of approximately $2.325 billion, followed by an additional payout dependent on achieving specific operational efficiency goals in 2024. ILC Dover is a noted expert in the development and manufacturing of solutions for the biopharmaceutical, pharmaceutical, and medical device markets, and it also serves as a supplier for the space industry. Ingersoll Rand anticipates that this acquisition will instantly contribute to growth and enhance profit margins.
As part of the acquisition deal, Ingersoll Rand will form a life sciences division within its Precision and Science Technologies (P&ST) sector. This newly created unit will encompass both ILC Dover and Ingersoll Rand's life-science-oriented brands. The leadership of the life sciences section will be assumed by Corey Walker, the current President and CEO of ILC, who will also become a member of the Ingersoll Rand leadership team.
