Doosan buys Ingersoll-Rand assets |
|
|
|
Published
:
Fri, 30 Nov 2007 21:44
|
NEW YORK (AP) - Ingersoll-Rand Co. Ltd. has closed the sale of its Bobcat, utility equipment and attachments businesses to South Korea's Doosan Infracore for $4.9 billion, the industrial products maker said Friday.Proceeds include net cash of about $3.75 billion.The combined businesses generated about $2.6 billion in revenues last year by making and selling compact equipment, portable air compressors, generators and light towers as well as light construction equipment and attachments.The company first reported the deal in July.Ingersoll-Rand will use the proceeds for 'innovation and new-product development efforts and to make acquisitions that enhance our strategic business platforms,' Chief Executive Herbert L. Henkel said in a statement.Ingersoll-Rand shares rose 14 cents to $51.40 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Doosan Infracore buy of Bobcat cleared by EU 