Ingersoll-Rand plc (NYSE:IR), Swords, Ireland, has agreed to sell a 60 percent stake in its Hussmann refrigerated display case business to the private equity firm Clayton Dubilier & Rice, LLC for $370 million in cash.
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“This transaction with CD&R allows us to participate in the future success of Hussmann,” said Michael W. Lamach, president and CEO of Ingersoll Rand. “CD&R is committed to ensuring a seamless transition and maximizing the long-term prospects for the business. For Ingersoll Rand, selling a portion of the Hussmann business now provides immediate value to our shareholders, as well as benefit in the future from the divestiture of our remaining interest.”
Ingersoll Rand's family of brands includes Club Car, Ingersoll Rand, Schlage, Thermo King and Trane.
