U.S. Markets closed

Ingersoll-Rand plans to buy Precision Flow Systems for $1.5 billion

Tomi Kilgore

Ingersoll-Rand PLC said Monday it plans to buy Precision Flow Systems (PFS) for $1.45 billion from funds advised by Carlyle Group LP and BC Partners Advisors L.P. At closing, which is expected in mid-2019, PFS will combine with Ingersoll-Rand's fluid management business. Ingersoll-Rand said it plans to fund the acquisition through a combination of cash on hand and debt. PFS had sales of $400 million in 2018, and has about 1,000 employees. Ingersoll-Rand's stock, which was still inactive in premarket trade, has slipped 0.9% over the past three months while the S&P 500 has declined 2.6%.