Aggreko agreement (AGK)

ADVFN NewsWire (11:42) - To accelerate the development of its oil-free compressed air activities, Aggreko, the world leader in the supply of temporary power, temperature control and oil-free compressed air services, has signed a five-year global supply, design and marketing agreement with Ingersoll-Rand, one of the world's leading manufacturers of oil-free compressed air equipment.

Under the agreement, Ingersoll-Rand will supply all of Aggreko's future oil-free air equipment requirements, and the two companies will jointly design new specialised oil-free air rental products.

They will be manufactured by Ingersoll-Rand to Aggreko's specifications and supplied on an exclusive basis through Aggreko's international network, which now encompasses 108 locations in 24 countries around the globe.

In addition, Aggreko has significantly expanded its oil-free air business in the United States, with the acquisition of Ingersoll-Rand's North American rental fleet of oil-free air compressors and accessories for $13m.

Aggreko chairman Dr. Chris Masters said: "We are absolutely delighted to be entering into a strategic alliance with a world-class company such as Ingersoll-Rand. Demand for oil-free compressed air is growing rapidly throughout the world.

"Not only will the acquisition of Ingersoll-Rand's rental fleet considerably strengthen Aggreko's position in North America, but the signing of a global design, supply and marketing agreement will also allow us to accelerate our growth plans for the supply of oil-free compressed air rental services through our other international locations."


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