Ingersoll Rand's roots date back to 1871 when Simon Ingersoll formed the Ingersoll Rock Drill Company after patenting a steam-powered rock drill design.[3][4] The company merged with the Sergeant Drill Company in 1888 and became the Ingersoll-Sergeant Drill Company.[5] In 1905, the company merged with Rand Drill Company, which six years prior had begun manufacturing compressors in Painted Post, New York. The result was the Ingersoll Rand Company.[6]
In 2000, Flowserve purchased Ingersoll-Dresser Pumps, a business unit of Ingersoll-Rand, for $775 million, creating the world’s second largest pump company.[7]
The Dresser Clark Company, which was incorporated in 1956 as Dresser Industries, manufactured steam, diesel, and reciprocating engines as well as centrifugal compressors in Olean, and in a facility in Le Havre, France.[8][9]
Dresser-Rand Company was formed in 1986 as an equally-owned joint venture between Dresser Industries and Ingersoll Rand.[2]
In September 1999, Dresser Industries merged with Halliburton Industries, and transferred its 51% ownership interest of Dresser-Rand Company to Halliburton.[11] Due to agreements made in the original venture, Dresser Industries, then a unit of Halliburton, was required to either purchase the remaining interest in Dresser-Rand Company or sell it to Ingersoll Rand.[12] In February 2000, the 51% ownership of Dresser-Rand Company was sold to Ingersoll Rand.[10]
On August 25, 2004, First Reserve Corporation, a private equity firm, entered into an equity purchase agreement with Ingersoll Rand to purchase the equity interests in Dresser-Rand Company for approximately $1.2 billion.[13] Following the purchase agreement, Dresser-Rand Group, Inc. was registered as corporation in the state of Delaware, and the acquisition closed on October 29, 2004. On August 4, 2005, First Reserve took Dresser-Rand Group, Inc. public through an IPO, selling at $21.00 per share.
In 2012, the company acquired Spanish engine supplier Grupo Guascor SL for $690 million,[14] as well as Synchrony, Inc.[15]
In September 2014, Siemens announced plans to acquire Dresser-Rand Group Inc for $7.6 billion in cash.[16][17] The deal was completed on June 30, 2015.[18]
