U.S. sales for the diversified industrial manufacturer declined 1%, while international sales grew 4%.
Birmingham, AL-based Motion Industries, a subsidiary of Genuine Parts Co., has acquired Monroe Rubber & Plastic Supply, based near Detroit, MI, in Monroe, MI. Monroe is a distributor of hosing and related accessories, and specializes in hydraulic, industrial, metal hose and Teflon hose assemblies. With the acquisition, Motion now has nine facilities focused on cutting and coupling hose assemblies. More
Genuine Parts Company, Atlanta, GA, reported sales for 2008 were $11 billion, up 2 percent from 2007. Profit for the year was $475.4 million, a decrease of 6 percent. Motion Industries, the Industrial Group, saw a 5 percent increase …
Bermuda-based Ingersoll-Rand Company Ltd., diversified industrial manufacturer, reported fourth quarter sales of $3.67 billion, an increase of 58% over fourth quarter 2007. Excluding the impact of currency, sales declined 8% for the quarter. The company reported a net loss of $3.29 billion, compared to profit of $2.52 billion in fourth quarter 2007.
Full-year 2008 sales were $13.23 billion, a 51% increase over 2007. A net loss of $2.62 billion was recorded for the year.
The company accelerated previously announced restructuring plans to streamline its manufacturing footprint and general and administrative costs. About $71 million of the estimated $110 million in costs associated with these actions were incurred in the fourth …
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 …
Paris-based electrical distributor Rexel confirmed that it will keep its bid of & euro; 4.85 per share for Dutch rival Hagemeyer NV, a total of about & euro; 3.1 billion (US$4.5 billion). Analysts had questioned whether the company would move ahead with its takeover bid or reduce the offer after Hagemeyer was ordered to pay & euro; 50 million in advance damages over the bankruptcy of a former subsidiary.
Ingersoll-Rand Company Ltd., Hamilton, Bermuda, has agreed to acquire Trane Inc., formerly American Standard Companies Inc., Piscataway, NJ, for $10.1 billion, including the assumption of $150 million of Trane net debt. Trane is a manufacturer of indoor climate control systems with expected 2007 sales of $7.4 billion. <a ...
Ingersoll-Rand Company Ltd., Hamilton, Bermuda, has agreed to acquire Trane Inc., formerly American Standard Companies Inc., Piscataway, NJ, for $10.1 billion, including the assumption of $150 million of Trane net debt.
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Trane is a manufacturer of indoor climate control systems, services and solutions with expected 2007 revenues of $7.4 billion.
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According to Ingersoll Rand, the acquisition will form a $17 billion global industrial company, which includes an $11 billion Climate Control business. Trane’s commercial and residential climate control business complements Ingersoll Rand’s Hussmann and Thermo King brands.
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The total value was $47.81 per Trane share based on the closing price as of Dec. 14, 2007.
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Trane Inc., previously …
UK-based Wolseley plc will be laying off 1,300 more workers in the U.S. in its second quarter; the global building materials and plumbing distributor reduced headcount by 1,700 in the three months ended Oct. 31, 2007. In total to date, layoffs represent a third of Stock Building Supply workforce and 10 percent of the Ferguson work force. More
Noland Company, Newport News, VA, has cut 45 jobs across the company over the past month due to the national housing downturn, according to the local paper, the Daily Press. Noland, bought by WinWholesale, Dayton, OH, in 2005, sells plumbing and HVAC supplies to construction end-markets. More
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Ingersoll-Rand Company Ltd. has sold its Bobcat, Utility Equipment and Attachments business units to Doosan Infracore for $4.9 billion.
The combined businesses manufacture and sell compact equipment, including skid-steer loaders, compact track loaders, mini-excavators and telescopic tool handlers; portable air compressors, generators, and light towers; general-purpose light construction equipment; and attachments. For full-year 2006 these businesses generated $2.6 billion in revenues.
Ingersoll Rand is a global diversified industrial firm providing products, services and solutions to transport and protect food and perishables, secure homes and commercial properties, and enhance industrial productivity and …
Ingersoll-Rand Company Limited has agreed to buy privately owned Officine Meccaniche Industriali srl, a European supplier of compressed-air treatment equipment.
OMI develops and manufactures compressed-air treatment products, including air dryers, filters, chillers, and system controllers. OMI is based in northeast Italy in Fogliano Redipuglia, Gorizia Province, and has an additional facility in Logatec, Slovenia.
The acquisition of OMI reflects our intention to build upon one of our core business platforms relating to industrial productivity,” said Herbert L. Henkel, CEO for Ingersoll Rand.
Upon completion of the acquisition, scheduled for late September 2007, OMI will operate as part of the Air Solutions business of Ingersoll Rand’s Industrial …
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