Ingersoll Rand, an Irish-based company with its corporate operations centered in Davidson, said Wednesday that profits and revenue rose during its third quarter.
Revenue at Ingersoll Rand was up more than 5 percent, compared to the same quarter last year, totaling $3.4 billion. Profits jumped 76 percent, to $291 million.
“Our focus on new product development, services and effective operational execution has enabled us to deliver another solid quarter,” CEO Michael Lamach said in a statement. “We are pleased with what we’ve been able to accomplish through steady investment, productivity initiatives and a balanced, pragmatic approach to capital allocation.”
The diversified manufacturing company said that all of its business segments performed well. Revenue from the climate control segment, which includes Trane heating and cooling systems and Thermo King refrigerated transport, rose 6 percent. The company’s industrial segment, which makes power tools and compressed air systems, was up 3 percent. And Ingersoll Rand’s Club Car segment rose slightly, as the company said more utility vehicle sales countered declines in golf cart sales.
Ingersoll Rand employs about 2,000 workers in Mecklenburg County, most of them at its Davidson corporate offices. The company made one of the first major corporate “inversion” deals, changing its incorporation from New Jersey to Bermuda in 2001 to lower its tax rate. The company has since shifted its incorporation to Ireland.
As the Observer reported last month, Ingersoll Rand is still fighting the IRS over a disputed tax bill stemming from the Bermuda move that could cost the company $774 million. Ingersoll Rand has maintained that it has done nothing wrong and that it will continue defending itself against the IRS.