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Herbert L. Henkel Succeeds James E. Perrella as Chief Executive Officer of Ingersoll-Rand Company.

WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--October 1, 1999--

- Perrella Continues as Chairman -

Ingersoll-Rand Company announced today that Herbert L. Henkel has succeeded James E. Perrella as chief executive officer of the company in accordance with the company's management succession plans, announced in March 1999.

Henkel, 51, retains his previous title of president; Perrella, 64, continues as the company's chairman until his planned retirement in 2000.

"Our company is solidly positioned to grow and prosper," Henkel said. "We will build on the accomplishments of past efforts to redefine the company through aggressive business-portfolio management, with a strong focus on increasing our participation in selected global growth markets. In addition, ongoing employee-led process improvements will drive enhanced financial performance."

Since 1993, Ingersoll-Rand has diversified its corporate portfolio with the divestiture of lower margin, cyclical businesses and the addition of high-growth, less-cyclical businesses featuring such leading brands as Bobcat(R) skid-steer loaders, Club Car(R) golf cars, Thermo King(R) transport temperature-control systems and several architectural-hardware brands.

"Six years ago, we embarked on a journey designed to dramatically improve the performance of every aspect of Ingersoll-Rand-from operational processes to product offerings to customer relationships to financial performance," Perrella said. "We have made great progress. I am confident that with Herb Henkel's leadership, Ingersoll-Rand will continue its growth journey."

Henkel came to Ingersoll-Rand this spring from Textron, Inc., where he served as president and chief operating officer.

Henkel serves on the boards of Kollmorgen Corporation and Pitney Bowes, Inc. He earned a bachelor of science degree in aerospace engineering and applied mechanics and a master of science degree in mechanical engineering from Polytechnic University. Henkel also received a master's degree in business administration from Pace University.

Ingersoll-Rand Company is a major diversified industrial equipment and components manufacturer. Its businesses encompass specialty vehicles, tools and hardware, air and temperature control, and engineered products. The company's product lines serve a wide range of industrial and commercial markets worldwide. Ingersoll-Rand employs approximately 47,000 people. Further information can be found on the company's Internet web site as http://www.ingersoll-rand.com.

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 these 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 for the three months ended June 30, 1999.
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Publication:Business Wire
Date:Oct 1, 1999
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