Merger And Spinoff Splits Big Davidson Employer Into 2 Companies
One of the Charlotte area's largest industrial employers has split up, in a complex merger and spinoff completed over the weekend. Ingersoll Rand had 1,800 employees at its U.S. headquarters in Davidson before the deals closed. It's not yet clear how employment will be affected.
On Saturday, Ingersoll Rand's industrial technology division merged with equipment maker Gardner Denver of Milwaukee. The new company will take the Ingersoll Rand name and make air compressors, pumps and other industrial equipment.
It will be based in Davidson, where it has about 800 employees. It now trades on the New York Stock Exchange under the symbol "IR." Gardner Denver CEO Vicente Reynal is the new CEO.
Meanwhile, Ingersoll Rand's heating and cooling business is now called Trane Technologies and has about 1,100 employees in Davidson. It also will continue to be based in Davidson with its shares trading on the New York Stock Exchange as "TT."
Ingersoll Rand's former chief executive Michael Lamach is Trane's CEO. He said in a press release the company is now more focused on "climate innovation" in heating, cooling and refrigerated transportation.
The deal has some employees worried about layoffs. Executives of both companies have said they expect to cut millions of dollars in expenses.
The companies have not responded to questions about possible job cuts.
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