Ingersoll-Rand plc (NYSE: IR), Swords, Ireland, and Gardner Denver Holdings, Inc. (NYSE:GDI)have entered into a definitive agreement pursuant to which Ingersoll Rand will separate its Industrial segment by way of a spin-off to Ingersoll Rand’s shareholders and then combine it with Gardner Denver, creating a global leader in mission-critical flow creation and industrial technologies. Terms of the transaction were not disclosed.

The HVAC and transport refrigeration assets of the current Ingersoll Rand will become a pure play global leader in climate control solutions for buildings, homes and transportation.