Ingersoll Rand to Sell Minority Interest in Hussmann Refrigeration Business to Panasonic
Transaction is anticipated to close in the first half of 2016
SWORDS, Ireland — Ingersoll-Rand plc announced it will sell its remaining equity interest in its Hussmann refrigeration business as part of a transaction in which Panasonic Corp. is acquiring 100 percent of Hussmann’s shares.
Ingersoll Rand expects to receive net proceeds of approximately $400 million. The transaction is anticipated to close in the first half of 2016, subject to customary approvals and closing conditions.
“Selling our remaining ownership in Hussmann provides immediate value to our shareholders and will provide additional cash for value-accretive deployment in 2016,” said Michael W. Lamach, chairman and chief executive officer of Ingersoll Rand.
Ingersoll Rand completed the sale of a majority stake in the Hussmann business to private equity firm Clayton, Dubilier & Rice LLC in September 2011.
For more information, visit www.ingersollrand.com.
Publication date: 12/22/2015