Seepex will take on a leading role at Ingersoll Rand and its advanced technologies will be incorporated into existing product lines and other areas, including its IIOT platform

Ingersoll Rand, a global mission-critical flow creation and industrial solutions provider, is set to acquire Seepex, a positive displacement pump manufacturer, for €431.5 million ($510 million).

The acquisition outlines Ingersoll Rand’s clear growth strategy to grow its pump technology offering within its precision and sciences segment (PST) and gain further exposure to high-growth, sustainable end markets.

"We are excited to welcome the Seepex team to the Ingersoll Rand family. With this transaction, we continue to accelerate our growth plan and deliver on our commitment to advance our digital capabilities, aftermarket growth, and complementary technology and innovation efforts," says Vicente Reynal, CEO of Ingersoll Rand.

Seepex is a world-leading manufacturer of progressive cavity pumps, a segment of positive displacement pumps that primarily serves water, wastewater, food and beverage, and chemical end markets.

Based in Bottrop, Germany with facilities in North America and Asia Pacific, Seepex has approximately 800 employees and annual revenue of approximately €160 million.

Seepex has an exceptional growth profile with double digit growth expected in 2021, supported by a solid installed base of over 210,000 pumps and recurring aftermarket business that is already above 40 per cent of its total annual revenue.

Seepex will take on a leading role at Ingersoll Rand and its advanced technologies will be incorporated into existing product lines. Its market-leading position in product innovation and digital technology will be consistently and ambitiously expanded and incorporated into other areas.

Seepex outpaces key competitors in terms of new patents and product development, and the robust Industrial Internet of Things (IIOT) platform it has built around the pump with an investment of around €10 million. It is this digital capability that are focus areas for Ingersoll Rand.

On his part, Ulli Seeberger, Chairman and Owner of Seepex, sats: "Ingersoll Rand emerged as the buyer of choice given the cultural fit, vision for the business and its approach.

There will be no changes in the Seepex management, except that Seeberger will retire as chairman and member of the board. Dr Bernd Gross, Dr Christian Hansen and Alexander Kuppe will continue to be responsible for the global Seepex business.

The transaction is expected to close during Q3 upon obtaining required regulatory approvals.