News Summary: Ingersoll-Rand spin-off
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Source: Business News
Originally published: Dec 10, 2012 - 12:17 pm
Originally published: Dec 10, 2012 - 12:17 pm
(AP) - SPIN AND RAISE: Industrial conglomerate Ingersoll-Rand says it will spin off its security technology business and buy back $2 billion of shares. The Ireland-based company also said Monday it is raising its quarterly dividend by 31 percent to 21 cents per share.
COMING SOON: The spinoff of its commercial and residential security businesses into a new public company will be completed within the next year.
MULTIPLICATION BY DIVISION: CEO Michael Lamach said that the move will allow both companies to enhance value by allocating capital and deploying resources in a more focused way.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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