March 25 (Reuters) - Air compressor maker Ingersoll Rand ( IR )

said on Monday it would buy ILC Dover from investment

firm New Mountain Capital for about $2.33 billion to expand its

presence in the life sciences markets.

The deal, expected to close in the second quarter, includes

an earnout tied to the achievement of select operating

efficiency metrics in 2024.

ILC manufacturers flexible materials and serves the

aerospace, personal protection and pharmaceutical industries.

"Through ILC, we will get access to approximately 1,000

customers in the broader life science and healthcare sectors,

where we can leverage our demand generation capabilities to

drive incremental growth in other Ingersoll Rand ( IR ) product lines

like compressors," Ingersoll Rand ( IR ) CEO Vicente Reynal said in a

statement.