Topic: How To Invest

Spinoffs, Takeovers and Special Situations Hotline – Friday, November 2, 2018

Article Excerpt

INGERSOLL-RAND PLC, $98.18, symbol IR on New York, is a diversified industrial company focused on heating, ventilation and air conditioning (HVAC), along with transport refrigeration, compressors, power tools, and golf carts. The North Carolina-based company has reportedly received an offer to buy its power tools business, perhaps from Asian buyers. The division could be worth as much as $750 million. The company explored selling the unit last year, but abandoned efforts after bids came in too low. Ingersoll-Rand’s power tools include jackhammers and rock drills used on construction sites. Those manufacturing operations are part of its industrial segment, which accounts for 21% of overall revenue. While construction tools are only a very small part of the modern Ingersoll-Rand, they have played a big role in the company’s 147-year history. Founder Simon Ingersoll invented a mechanized rock-drill that revolutionized mining and construction. The company’s early power tools were also used to carve Mount Rushmore and build the Hoover Dam. In the three months ended September…

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