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Home » Ingersoll-Rand Announces Plans for Restructuring

Ingersoll-Rand Announces Plans for Restructuring

By    MDM  Staff 
October 14, 2008
More about:  Industrial Distribution
Ingersoll-Rand Company Ltd., Hamilton, Bermuda, diversified industrial manufacturer, announced it will be initiating corporate-wide restructuring to streamline its manufacturing footpring and general and administrative cost base.
 
The move is projected to generate $85 million in annual pre-tax savings in 2009 and more than $100 million in 2010.
 
Our balance sheet is solid, and we have maintained access to the commercial paper markets. During the third quarter, we reduced our debt levels by approximately $440 million and we are on track to reduce the acquisition-related debt by one billion dollars in the second half of 2008. We have significant available liquidity with $3 billion of credit facilities," says Herbert L. Henkel, president and CEO. "Despite slower ...
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Ingersoll-Rand Company Ltd., Hamilton, Bermuda, diversified industrial manufacturer, announced it will be initiating corporate-wide restructuring to streamline its manufacturing footpring and general and administrative cost base.
 
The move is projected to generate $85 million in annual pre-tax savings in 2009 and more than $100 million in 2010.
 
Our balance sheet is solid, and we have maintained access to the commercial paper markets. During the third quarter, we reduced our debt levels by approximately $440 million and we are on track to reduce the acquisition-related debt by one billion dollars in the second half of 2008. We have significant available liquidity with $3 billion of credit facilities," says Herbert L. Henkel, president and CEO. "Despite slower economic conditions, our business fundamentals remain strong and we are working to ensure that Ingersoll Rand will emerge from the current economic slowdown as a stronger, more efficient company."
 
Henkel says that the impact of the economic slowdown was "more significant than prior expectations." Ingersoll-Rand also released earnings estimates today. "We had lower than expected revenues in all of our business segments, due to weaker North American and Western European markets, which were particularly slower in September. The strengthening of the U.S. dollar against the Euro during the third quarter was also a drag on revenue growth."
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