News Summary: Ingersoll-Rand spin-off
(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 This material may not be published, broadcast, rewritten or redistributed.)