EX-99.1
2
v073683_ex99-1.htm
Unassociated Document
Contact:
Paul
Dickard (Media)
(201) 573-3120
Joe
Fimbianti (Analysts)
(201)
573-3113
Ingersoll
Rand Completes Sale of its Road Development
Business
Unit for $1.3 Billion
Hamilton,
Bermuda, April 30, 2007
-Ingersoll-Rand
Company Limited (NYSE:IR) today announced that it has completed the sale of
its
Road Development business unit to AB Volvo, in all countries except India which
is expected to close shortly, for cash proceeds of approximately $1.3 billion.
The Road Development business unit manufactures and sells asphalt paving
equipment, compaction equipment, milling machines, and construction-related
material handling equipment.
"The
sale
of the Road Development business reflects our strategy to transition away from
capital-intense, heavy-machinery businesses and improves the company's efforts
to achieve aggressive financial objectives consistently over the long term,"
said Herbert L. Henkel, chairman, president and chief executive officer.
"Overall, the sale will generate net cash proceeds of approximately $1.05
billion for Ingersoll Rand.
"We
will
use the proceeds of this sale, in conjunction with our strong cash flow, to
supplement our organic growth with acquisitions that extend our product lines,
expand our geographic markets, and enhance our recurring revenue streams, as
well as to increase our share repurchase activity.
#
#
#
This
news
release includes "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 with respect to our financial
condition, results of operations and business. These statements are based on
currently available information and are based on our current expectations and
projections about future events. These statements are subject to risks and
uncertainties that could cause actual results, performance or achievements
to
differ materially from anticipated results, performance or achievements.
-more-
-2-
These
risks and uncertainties include, but are not limited to: fluctuations in the
condition of, and the overall political landscape of, the economies in which
we
operate; our competitive environment; material changes in technology or
technology substitution; our ability to attract, train and retain
highly-qualified employees; unanticipated climatic changes; changes in
governmental regulation; the costs and effects of legal and administrative
proceedings; changes in tax laws, tax treaties or tax regulations or the
interpretation or enforcement thereof; currency fluctuations; our ability to
complete acquisitions on financially attractive terms and successfully integrate
them with our other businesses; and the impact of new accounting standards.
Undue reliance should not be placed on such forward-looking statements as they
speak only as of the date made. Additional information regarding these and
other
risks and uncertainties is contained in our periodic filings with the SEC,
including, but not limited to, its report on Form 10-K for the year ended
December 31, 2006.
Ingersoll
Rand is a leading diversified industrial company providing products, services
and integrated solutions to industries ranging from transportation and
manufacturing to food retailing, construction, and agriculture. With a
135-year-old heritage of technological innovation, we help companies worldwide
to be more productive, efficient and innovative. In every line of our business,
Ingersoll Rand enables companies and their customers to create progress. For
more information, visit www.ingersollrand.com.

EX - 99 . 1 2 v073683 _ ex99 - 1 . htm Un associated Document Contact : Paul Dickard ( Media ) ( 201 ) 573 - 3120 Joe Fimbianti ( Analysts ) ( 201 ) 573 - 3113 Ingersoll Rand Completes Sale of its Road Development Business Unit for $ 1.3 Billion Hamilton , Bermuda , April 30 , 2007 - Ingersoll - Rand Company Limited ( NYSE : IR ) today announced that it has completed the sale of its Road Development business unit to AB Volvo , in all countries except India which is expected to close shortly , for cash proceeds of approximately $ 1.3 billion . The Road Development business unit manufactures and sells asphalt paving equipment , compaction equipment , milling machines , and construction - related material handling equipment . " The sale of the Road Development business reflects our strategy to transition away from capital - intense , heavy - machinery businesses and improves the company 's efforts to achieve aggressive financial objectives consistently over the long term , " said Herbert L . Henkel , chairman , president and chief executive officer . " Overall , the sale will generate net cash proceeds of approximately $ 1.05 billion for Ingersoll Rand . " We will use the proceeds of this sale , in conjunction with our strong cash flow , to supplement our organic growth with acquisitions that extend our product lines , expand our geographic markets , and enhance our recurring revenue streams , as well as to increase our share repurchase activity . # # # This news release includes " forward - looking statements " as defined in the Private Securities Litigation Reform Act of 1995 with respect to our financial condition , results of operations and business . These statements are based on currently available information and are based on our current expectations and projections about future events . These statements are subject to risks and uncertainties that could cause actual results , performance or achievements to differ materially from anticipated results , performance or achievements . - more - - 2 - These risks and uncertainties include , but are not limited to : fluctuations in the condition of , and the overall political landscape of , the economies in which we operate ; our competitive environment ; material changes in technology or technology substitution ; our ability to attract , train and retain highly - qualified employees ; unanticipated climatic changes ; changes in governmental regulation ; the costs and effects of legal and administrative proceedings ; changes in tax laws , tax treaties or tax regulations or the interpretation or enforcement thereof ; currency fluctuations ; our ability to complete acquisitions on financially attractive terms and successfully integrate them with our other businesses ; and the impact of new accounting standards . Undue reliance should not be placed on such forward - looking statements as they speak only as of the date made . Additional information regarding these and other risks and uncertainties is contained in our periodic filings with the SEC , including , but not limited to , its report on Form 10 - K for the year ended December 31 , 2006 . Ingersoll Rand is a leading diversified industrial company providing products , services and integrated solutions to industries ranging from transportation and manufacturing to food retailing , construction , and agriculture . With a 135 - year - old heritage of technological innovation , we help companies worldwide to be more productive , efficient and innovative . In every line of our business , Ingersoll Rand enables companies and their customers to create progress . For more information , visit www.ingersollrand.com .
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