Ingersoll-Rand plc (NYSE: IR), Swords, Ireland, sales for the first quarter of 2011 were $3.1 billion, an increase of 13 percent over the same period a year ago. The company recorded a net loss for the period of $77.6 million, compared to year-ago profit of $1.4 million.
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The company announced its plans to divest the Hussmann North American refrigerated display case equipment business, as well as the equipment, service and installation businesses outside of North America.
\”At present, we are in discussions with a number of purchasers who are focused on the continued development of the business,\” said Michael W. Lamach, president and CEO. \”The proposed transaction represents another major step to realign our product portfolio as we accelerate operational excellence initiatives in our core businesses,\” said Lamach.
Hussmann manufactures stationary refrigeration equipment, and has five manufacturing facilities employing 3,400 people. Full-year 2010 revenues for the operations to be divested were $800 million.
Climate Solutions sales for the first quarter were $1.7 billion, an increase of 17 percent (up 15 percent excluding currency). Bookings increased 14 percent year-over-year with double-digit gains in the HVAC and transport business.
Industrial Technologies sales of $641 million increased 18 percent (up 17 percent excluding currency) compared with the first quarter of 2010. Air and Productivity revenues increased 22 percent, with volume increases in all major geographic regions.
Residential Solutions first-quarter revenues were $433 million, an increase of 10 percent (up 9 percent excluding currency) compared with 2010. Bookings increased 2 percent year-over-year.
Security Technologies sales of $391 million declined by 1 percent compared with the first quarter of 2010. First-quarter results reflect the bottoming of new building activity in the United States and in Europe and moderate improvements in the retrofit/remodeling market.
