International giant Ingersoll-Rand has bought a Co Meath-based engineering company for an undisclosed sum.
The group announced it is to buy Geith International, based in Slane, described as a leading provider of attachment products for construction equipment. It will buy the firm from management shareholders and two venture capital funds managed by Bank of Scotland (Ireland) Ltd.
The acquisition is expected to close in the fourth quarter, Ingersoll said.
"Geith represents a key element in our strategy to grow our global attachments business, and augment our base of recurring revenues," said Herbert L. Henkel, chairman, president and chief executive officer of Ingersoll Rand.
"Geith's brand reputation, distribution channel and diverse line of attachments complement and extend the established attachments offerings of our construction and compact-equipment businesses. In addition, Geith's technologies will enable us to more quickly and cost-efficiently bring to market innovative products across our attachment business."
Geith, founded in 1950, develops attachments for equipment used in general construction, excavation, demolition and scrap handling industries.
In addition to its Slane facility, Geith operates production, sales and service facilities in Tredegar, Wales, and Petersburg, Virginia, and a sales office in Pierrelaye, France. For its fiscal year ended March 31, 2006, Geith generated revenues of approximately €42 million ($54 million). The company employs about 290 people.
