Ingersoll-Rand Agrees to Sell its Drilling Solutions Business to Atlas Copco.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 19, 2004 Ingersoll-Rand Company Limited (NYSE NYSE See: New York Stock Exchange :IR), a leading diversified industrial firm, today announced that it has agreed to sell its Drilling Solutions business unit to Atlas Copco Atlas Copco is a Swedish industrial company that was founded in 1873. It manufactures industrial tooling and equipment. The Atlas Copco Group, founded already in 1873, is a global industrial group of companies headquartered in Stockholm, Sweden. AB, headquartered in Stockholm, Sweden, for approximately $225 million. The transaction, which is expected to be completed in the second quarter of 2004, is subject to government regulatory approvals. The Drilling Solutions business, which dates to Ingersoll-Rand's origins in 1871, manufactures drilling equipment and accessories for the worldwide construction, mining, quarrying, and water-well drilling industries. It had 2003 revenues of approximately $300 million and employs approximately 950 people. The transaction will include production facilities in Garland, Texas Garland is a city in Dallas County, Texas, (USA). It is a northeastern suburb of Dallas and is a major part of the Dallas-Fort Worth Metroplex. As of the 2000 census, the city had a population of 215,768, making it the tenth-most populous city in Texas and the eighty-sixth most ; Roanoke, Virginia Roanoke is an independent city located in the Commonwealth of Virginia. The city of Roanoke is adjacent to the city of Salem and the town of Vinton and is otherwise surrounded by, but politically separate from, Roanoke County. ; Yokohama, Japan; and Xuan Hua, China; and Ingersoll-Rand Equipment Stores in Knoxville and Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. ; and Clarks Summit, Pennsylvania Clarks Summit is a borough in Lackawanna County, Pennsylvania, United States. The population was 5,126 at the 2000 census. History The first settler in the area currently known as Clarks Summit was William Clark. . The transaction does not include Ingersoll-Rand's France-based Montabert business unit, which manufactures hydraulic rock-breaking equipment. "This divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). has significant strategic and symbolic importance for our company," said Herbert L. Henkel, chairman, president and chief executive officer. "Strategically, it improves our ability to invest in opportunities that enhance our core product lines, recurring-revenue stream, and geographic reach, particularly in the global growth markets of security and safety, climate control, industrial and energy solutions, compact equipment and road development. "At the same time, we are clearly transforming our company's historic business profile and creating a new foundation to achieve growth and consistent earnings performance. We continue to benefit from market leading businesses and well-known brands, and we remain committed to developing innovative products and solutions for customers throughout the world. "Over its lengthy history the Drilling Solutions business has been a valued contributor to Ingersoll-Rand's success. Its market stature reflects the dedication and commitment of all current and past employees. I am confident that Drilling Solutions will benefit as part of a company providing complementary products and solutions to global customers." This news release includes "forward-looking statements" that involve risks and uncertainties. Political, economic, climatic, currency, tax, regulatory, technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Additional information regarding risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-Q Form 10-Q See 10-Q. for the three months ended September 30, 2003. IR is a leading innovation and solutions provider for the major global markets of Security and Safety, Climate Control, Industrial Solutions and 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; 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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