The 32294043 is an Ingersoll Rand 2545 air compressor pump head gasket. This is used on the high pressure side of the compressor cylinder. This gasket sits in between the pump head and the valve plate to create a seal and prevent leakage.
If you are in need of the valves and complete gasket kit for the 2545 pump you would want to purchase the 32307118 valve and gasket kit for a Ingersoll Rand 2545.
This is an OEM part manufactured by Ingersoll Rand