Ingersoll Rand Inc. (NYSE:IR) is looking for M&A. During the company?s fourth quarter of 2023 earnings call, Vikram Kini, Chief Financial Officer said that ?Specifically within the quarter, cash outflows included $130 million in share repurchases, $39 million deployed to M&A and $8 million for our dividend payment. M&A remains our top priority for capital allocation, and we continue to expect M&A to be our primary use of cash as we look ahead?. Vicente Reynal, Chairman and Chief Executive Officer said that ?Turning to Slide 10.

M&A continues to be at the forefront of our capital allocation strategy. We invested over $450 million across 13 acquisitions in 2023. These acquisitions have been both market-leading products and technologies while accelerating our addressable market with close adjacencies.

As of today, we currently have 10 transactions under LOI. Our M&A funnel remains strong and continues to be over 5x larger than it was at the time of the RMP?.