June 9, 2008—Ingersoll-Rand Company Limited has announced that the company has successfully completed its acquisition of Trane. Trane now becomes a wholly owned subsidiary of Ingersoll Rand and Trane common stock is no longer publicly traded.
Trane shareholders overwhelmingly approved the acquisition in a special meeting at Trane’s headquarters in Piscataway, NJ. Under terms of the agreement, Ingersoll Rand acquired all outstanding common stock of Trane. Holders of Trane’s approximately 200 million common shares receive a combination of $36.50 in cash and 0.23 Ingersoll Rand shares of common stock per each Trane share.
“The acquisition of Trane represents a major milestone in the history of Ingersoll Rand and culminates a significant transformation of our business portfolio,” said Herbert L. Henkel, Ingersoll Rand chairman, president and chief executive officer. “Today, Ingersoll Rand is a global diversified industrial company, with projected pro forma 2008 revenues of $17 billion and leading positions in global climate control, industrial and security markets.
For more information, see the Ingersoll-Rand Web site.
