Dec 10 Diversified manufacturer Ingersoll-Rand
Plc said it will spin off its security division and
announced a $2 billion share buyback following shareholder
pressure to unlock value.
The company, whose main business is heating and cooling
systems, also raised its quarterly dividend to 21 cents per
The spin-off, buybacks and dividend hikes come as part of a
strategic review undertaken by Ingersoll after Nelson Peltz's
Trian Fund Management LP acquired a 7 percent stake and proposed
a break-up of the company.
Ingersoll expects to complete the divestiture within the
next 12 months.
Ingersoll's security technology division, which makes
mechanical and electronic locks as well as steel doors, had a
revenue of $1.63 billion in 2011.
(Reporting by Mridhula Raghavan in Bangalore; Editing by