Ingersoll-Rand Acquires Full Ownership of French Bearing Company.Business Editors WOODCLIFF LAKE Woodcliff Lake may refer to:
Ingersoll-Rand Company (NYSE NYSE See: New York Stock Exchange :IR), a leading diversified diversified (di·verˑ·s industrial firm, today announced that it has acquired full ownership of Nadella S.A., the French-based precision needle bearing joint venture between IR's Torrington Company subsidiary and SNR See signal-to-noise ratio. SNR - signal-to-noise ratio Roulements of France. Terms were not disclosed. The acquisition includes three manufacturing plants in France, an engineering center and a network of sales subsidiaries in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . In addition, the agreement will include holdings in a bearing joint venture in India. "This move greatly expands our participation in the European bearing market in support of our global growth strategy," said Herbert L. Henkel, chairman, president and chief executive officer. "The Nadella product line complements Torrington's offering and its customer base provides new opportunities for our company in Europe's automotive and industrial markets, especially as we transfer Torrington's proprietary engineering and manufacturing expertise to the now wholly owned business." Founded in 1930, Nadella has been a joint venture of Torrington and SNR since 1985. The business, which supplies precision needle bearings for automotive and industrial applications, had sales of approximately $130 million in 2000. Nadella has three manufacturing plants and employs approximately 1,100 people. Nadella will now operate as a unit of Torrington Europe. IR's Torrington business unit has other European manufacturing plants in Germany, the United Kingdom and Spain, as well as a joint venture in Italy. In addition, a new factory in the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. will be fully operational by the end of the year. This manufacturing organization is supported by centers for engineering and customer service in several countries, as well as a network of sales offices providing full European coverage. IR is a leading innovation and solutions provider for the major global markets of Security and Safety, Climate Control, Industrial Productivity an Infrastructure. The company's diverse product portfolio encompasses such leading industrial and commercial brands as Schlage locks and security solutions, Thermo King transport temperature control equipment, Hussmann commercial and retail refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. equipment, Bobcat bobcat: see lynx. bobcat Bobtailed, long-legged North American cat (Lynx rufus) found in forests and deserts from southern Canada to southern Mexico. It is a close relative of the lynx and caracal. compact equipment, Club Car golf cars and utility vehicles, Torrington bearings and components, PowerWorks microturbines, and Ingersoll-Rand industrial and construction equipment. In addition, IR offers products and services under many more premium brands for customers in industrial and commercial markets. Further information on IR can be found on the company's Web site at www.irco.com. |
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