HVAC Breaking News

May 2, 2011: Ingersoll Rand Announces Intent to Divest Hussmann Refrigeration Business

May 2, 2011
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SWORDS, Ireland - In reporting its total revenues for the first quarter of 2011 ($3.1 billion, up 13 percent compared with 2010), Ingersoll Rand also announced its plans to divest the Hussmann North American refrigerated display case equipment business, as well as the equipment, service, and installation businesses outside of North America.

“At present we are in discussions with a number of purchasers who are focused on the continued development of the business. The proposed transaction represents another major step to realign our product portfolio as we accelerate operational excellence initiatives in our core businesses,” said Michael W. Lamach, chairman, president, and chief executive officer of Ingersoll Rand.

Hussmann designs, manufactures, and markets stationary refrigeration equipment, has five manufacturing facilities, and currently employs approximately 3,400 people. Full-year 2010 revenues for the operations to be divested were approximately $800 million.

Publication date: 05/02/2011

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