Gardner Denver, now the new Ingersoll Rand (IR), acquired Ingersoll's industrial business to form the #2 global player in compression technologies and solutions. The corporate name and stock were retained by Ingersoll shareholders, while the remaining Ingersoll businesses were spun off as Trane Technologies (TT).
The timing of this deal, which closed at the end of February, is unfortunate to say the least. The global pandemic caused by the Covid-19 virus has wreaked havoc on industrial demand and supply chains worldwide, and in swift fashion.
IR shares have sold off,