Company: IR
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006391
Chunk: 65

Company: Ingersoll Rand Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 65
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 entered into an agreement to sell its majority interest in High Pressure Solutions to private equity firm American Industrial Partners. In exchange for its majority interest of 55%, the Company received net cash proceeds of $278.3 million and retained a 45% common equity interest in the newly-formed entity comprising the HPS business. The Company expects to maintain this minority investment indefinitely and is unable to estimate when this interest may be disposed. This sale was substantially completed on April 1, 2021.Financial information of discontinued operationsThe results of operations of SVT and HPS are presented as discontinued operations for the year ended December 31, 2022 as summarized below:Specialty Vehicle TechnologiesHigh Pressure SolutionsTotalRevenues$6.6 $— $6.6 Cost of sales6.5 — 6.5 Gross Profit0.1 — 0.1 Selling and administrative expenses0.1 — 0.1 Gain on sale(2.8)— (2.8)Other operating expense, net0.7 1.6 2.3 Income from Discontinued Operations Before Income Taxes2.1 (1.6)0.5 Provision for income taxes(13.2)(1.5)(14.7)Income from Discontinued Operations, Net of Tax$15.3 $(0.1)$15.2 The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the year ended December 31, 2022 include a gain on sale of $2.8 million related to Specialty Vehicle Technologies.

Note 4:    Acquisitions

2024 AcquisitionsOn February 1, 2024, the Company completed the acquisition of Friulair S.r.l. (“Friulair”) for initial cash consideration of $143.3 million and contingent consideration of up to approximately $11.0 million. The business is a manufacturer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air and its chiller product line. The acquisition is intended to increase the scale of the Company’s air dryer business and will add new chiller production capabilities. Friulair has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax