Machinery giant to purchase Geith

INGERSOLL-RAND, the maker of Bobcat machinery and Thermo-King refrigerated trucks, has agreed to buy Geith International to boost its offerings of industrial attachments for machines in construction and excavation.

Founded in Slane, Co Meath in 1950, Geith is being sold by management shareholders and two venture capital funds managed by Bank of Scotland (Ireland) Ltd, Ingersoll-Rand said. Terms of the transaction weren’t disclosed.

Ingersoll-Rand chief executive Herbert Henkel said in June he plans about $400 million (€319 million) in purchases this year as he builds areas such as security and refrigeration. Geith has about 290 workers and €43m in annual sales.