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Article: Ingersoll-Rand Buys Trane in $10B Deal
- Article from:
- AP Online
- Article date:
- December 17, 2007
- Author:
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Copyright informationCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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In a deal worth a cool $10 billion, Ingersoll-Rand Co. will acquire Trane Inc. and create one of the world's largest makers of commercial and residential home air conditioners, refrigerators for trucks and stores, and other climate control products.
But some Ingersoll-Rand shareholders, who had expected the cash-rich company to pour some money into share repurchases, seemed disappointed with the acquisition announced Monday and sold Ingersoll-Rand stock, driving shares down sharply.
The $10.1 billion cash and stock deal _ one of the largest industrial buyouts in recent years _ gives Ingersoll-Rand, which makes Thermo King refrigerated trucks and Hussmann refrigerated display ...