Ingersoll-Dresser sold, job losses uncertain

A new corporate parent has left Ingersoll-Dresser Pump Co. uncertain about the fate of itself and its 500 workers at a plant off Memorial Parkway in Phillipsburg, N.J. Ingersoll-Rand Co. will sell its Ingersoll-Dresser division to Flowserve Corp. of Irving, Texas, for $775 million in cash, according to officials from both companies who made the joint announcement last week. If regulators approve the acquisition, Flowserve reportedly would become the world's second-largest industrial pump maker.

Officials expect the sale, subject...