Ingersoll-Rand to Sell Bobcat
Ingersoll-Rand Company Limited announced that it has agreed to sell its Bobcat, Utility Equipment and Attachments business units to Doosan Infracore for cash proceeds of approximately $4.9 billion. The sale is subject to customary closing conditions and is targeted to close early in the 2007 fourth quarter.
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 collectively generated approximately $2.6 billion in revenues. The sale includes manufacturing facilities in Gwinner and Bismarck, N.D.; Carrollton, Ga.; Litchfield, Minn.; Petersburg, Va.; Wujiang, China; Dobris, Czech Republic; Lyon and Pontchateau, France; Slane, Ireland; and Tredegar, Wales. The businesses employ approximately 5,700 people worldwide.
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Ingersoll Rand (NYSE:IR) is a world leader in creating and sustaining safe, comfortable and efficient environments in commercial, residential and industrial markets. For more information, visit www.ingersollrand.com.