Ingersoll-Rand to Buy Hussmann for $1.83 Billion.(Brief Article)
Air Conditioning, Heating & Refrigeration News, May, 2000
WOODCLIFF LAKE, NJ, and BRIDGETON, MO -- Ingersoll-Rand Co. (IR), a diversified industrial firm, announced that it has signed a definitive agreement to expand its global climate control business by acquiring Hussmann International, Inc., a leading manufacturer of commercial refrigeration products.
IR expects the acquisition to be immediately accretive to earnings per share by two to five cents for the year ending Dec. 31, 2000, and by 15 to 20 cents in 2001, the first full year of combined operations. In addition, the company expects to achieve a return on invested capital of 15% from this transaction by 2004.
The transaction is valued at approximately $1.83 billion, including the assumption of approximately $275 million of debt.
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