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IR to receive $400m for Hussmann shares

IR logoIRELAND: Ingersoll Rand has confirmed that it expects to receive $400m for selling its minority interest in Hussmann to Panasonic.

Ingersoll Rand, whose brands include air conditioning manufacturer Trane and transport refrigeration company Thermo King, sold 60% of the Hussmann refrigeration business to private equity firm Clayton, Dubilier & Rice in September 2011.

The company today confirmed that it will sell its remaining equity interest in Hussmann Parent Inc as part of a transaction in which Panasonic is acquiring 100% of Hussmann’s shares.

“Selling our remaining ownership in Hussmann provides immediate value to our shareholders and will provide additional cash for value-accretive deployment in 2016,” said Michael W Lamach, chairman and chief executive officer of Ingersoll Rand.

Ingersoll Rand originally bought the Hussmann business in 2000 for $1.83bn.

Related stories:

Panasonic to purchase 100% of Hussmann – December 21, 2015
JAPAN: Panasonic has confirmed that it will acquire 100% of the shares in US refrigeration company Hussmann for $1.545bn. Read more…

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