Burr Ridge, Illinois-based Tuthill Corp. agreed to sell its Springfield operation in a deal valued at $184 million.
The division, which does business as Tuthill Vacuum and Blower Systems at 4840 W. Kearney St., is coming under the ownership of Davidson, North Carolina-based Ingersoll Rand Inc. (NYSE: IR), according to a news release. The all-cash deal is scheduled to close in the first quarter, pending regulatory approvals.
"Our business in Springfield is loaded with dedicated professionals who really care to make a difference," Tuthill Corp. President and CEO Steven Westfall said in the release. "It’s more than difficult to say goodbye to the (vacuum and blower) team – and I’m confident they will find a terrific new home as a part of the Ingersoll Rand team.”
The Springfield operation produces annual revenue of roughly $60 million and has around 160 employees, according to the release.
The manufacturer of industrial blowers and vacuum pumps traces its Springfield roots to 1969, when blower manufacturer M-D Pneumatics relocated to the Queen City. It joined Tuthill Corp. 19 years later, according to past Springfield Business Journal reporting.
Ingersoll Rand, a global producer of compression technologies, has 16,000 employees. Officials said in the release Tuthill’s Springfield employees would join Ingersoll Rand upon completion of the acquisition.
Austin, Texas-based Kendra Scott LLC made its Springfield debut; Lost Boys Barber Co. LLC relocated; and Wilson Logistics Inc. opened its corporate headquarters in Strafford.