Ingersoll Retained by Camozzi Group, Despite Appeals to Sell
Chip Storie recently started work as CEO of Ingersoll Machine Tools Inc., assisted initially by Ingersoll’s previous CEO Tino Oldani. His experience contributes to the company’s continued position with Camozzi Group.
The Camozzi Group has announced that it will retain Rockford, Illinois-based Ingersoll Machine Tools as a key component in its overall portfolio. Over the last year, Camozzi was approached by investors wanting to acquire Ingersoll; but in the end, the Italy-based group decided to retain Ingersoll as a strategic company.
Ingersoll and Brescia, Italy-based Innse Berardi will continue to function together as the Camozzi Group’s machine tools division, specializing in the production of medium-size and large machine tools for machining aluminum, cast iron, titanium, steel and carbon fiber composites. This business unit offers specialized machining technologies for applications such as railway switches, rotor turbines, aerospace and defense components, and the laying of carbon fiber composites for the aviation industry.
A NASA preferred partner, Ingersoll employs 180 people at its Rockford site, which boasts an assembly area of 118,000 square feet and a machining area of 62,000 square feet. The company recently delivered a Mongoose, the a very large fiber placement machine, to an OEM for the production of rockets for space vehicles. The Mongoose measures 41 × 15 × 13 meters. Additionally, Ingersoll has developed the WHAM, a very large 3D printer designed to make large components such as tooling for the aerospace industry. Ingersoll has the capability to provide these machines to its customers, or to print parts for customers from its new Development Center.
On October 15, 2018, Chip Storie commenced work as CEO of Ingersoll Machine Tools Inc., assisted initially by Ingersoll’s previous CEO Tino Oldani. “I am very honored to have been given the opportunity to drive Ingersoll forward, with the huge advantage of being part of such a large group as Camozzi,” Mr. Storie says.
Lodovico Camozzi, president and CEO of the Camozzi Group, comments on the retention of Ingersoll, saying, “We are very proud of what Ingersoll has achieved and we want to grow our presence in the U.S. market by continuing to invest in the machine tool sector. The positive synergy established with Ingersoll has enabled the Camozzi Machine Tools division to reinforce its position as a leader in this sector.”