Hussmann

[engineerdave]

The way it's been explained to me is Ingersoll-Rand is selling Hussmann, not Trane. Several parties sniffing around, no deal has been cut yet. My question is more "Why" than "Who". Seemed to me IRs Climate division was a good thing...?

If not, then what about Trane? What about ThermoKing? What about Krack?

[Hard4mrkts]

Its amazing that nobody knows whats really going on with HUSSMAN. That makes it certain to me that Trane dosnt know, only corporate execs. do and we all know the only thing that matters there is money. Well see what happens after July. I bet the service and install men of this once leading company change names to I.R.I.R.I.( ingersoll rand industrial refrigeration inc. ) Look to the future what name will Trane become????? Only God knows what corporate execs. will do.

[smilies]

[smilies]

And just in case

[nesc522]

It should be announced today who's buying.

[nesc522]

I have got nothing. If they announced anything, it wasn't to us.

[MeÐiC]

Just got word. Ingersoll Rand has entered into an agreement to sell a majority share of the Hussmann busniess to funds managed by Clayton, Dubilier, and Rice, LLC (CD&R). Transaction should be completed by the end of September.

[MeÐiC]

Press release:
http://finance.yahoo.com/news/Clayto...72072.html?x=0

[Txvman]

Very interesting, wonder what if anything it means for the techs.

[Txvman]

Ingersoll Rand Completes Sale of Majority Interest in Hussmann to Clayton, Dubilier & Rice

Swords, Ireland, October 3, 2011 – Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, completed the sale of a 60 percent stake in the Hussmann business to funds managed by the private equity firm Clayton, Dubilier & Rice, LLC, effective Friday, September 30.

Ingersoll Rand received gross proceeds of approximately $370 million and will retain a 40 percent equity interest in the business. The company will use the cash from this transaction for its previously announced $2 billion share repurchase program. Ingersoll Rand has purchased more than 18 million shares and expects to purchase more than 35 million shares by the end of 2011.

This transaction will have the following impact on Ingersoll Rand’s financial statements:

The company’s ownership interest in Hussmann will be reported using the equity method of accounting for the fourth quarter of 2011 and going forward. Equity earnings will be reported in other income in continuing operations.
Hussmann results will be reclassified from discontinued to continuing operations for the third quarter of 2011 and all prior periods.

[engineerdave]

And just in case

I found out the grass ain't always greener, bud. Sometimes it's just more grass.

[bunny]

Now, if you're going from a field that has zero grass to one that has a few straggly weeds....that sometimes seems like a banquet fit for a king.