Ingersoll-Rand Sells Unit Stake To PE Firm

Ingersoll-Rand said Monday it has agreed to sell a 60% stake in its Hussmann refrigerated display case business to private equity firm Clayton Dubilier & Rice for cash proceeds of 370 million. Ingersoll-Rand ( IR - news - people ) will retain a 40% equity interest in the Hussmann business, which it says will allow <a href="http://wk.putianb2b.com/"><strong>兼职网 </strong></a> it to participate in the future success of the unit while providing an immediate value to its shareholders.Ingersoll said it will use the cash to expedite 2 billion <a href="http://wk.putianb2b.com/"><strong>网络兼职赚钱 </strong></a> in share repurchases under a program it began in June. It expects to repurchase 28 million to 32 million shares by the end of the year. Ingersoll-Rand reaffirmed its expectation for full-year earnings of 2.90 to 3.10 per share.Clayton Dubilier and Rice noted that Hussmann had 2010 revenues of 800 million, and that it has long-standing relationships with 17 of 20 of the largest <a href="http://wk.putianb2b.com/"><strong>威客网站 </strong></a> food retailers in North America.The firm noted it expects the transaction to close at the end of the third quarter, and said it has obtained committed financing from General Electrics GE Capital, ING ( ING - news - people ) Capital , BMO <a href="http://www.041823.com/view.php?id=26192"><strong>soccer jerseys nfl jerseys sale Could part of this be due to ...</strong></a> Capital Markets , RBC Capital Markets and Natixis. Several of those firms were financial advisors on the transaction, as well.JPMorgan (JPM) acted as a financial advisor to Ingersoll-Rand. Market News Video produces and distributes online videos about stocks and investing.