2007.12.18: December 18, 2007: Headlines: Figures: COS - Peru: Business: Tyler Paper: Ingersoll Rand Buys Fred Poses' Trane For $10.1 Billion

Peace Corps Online: Directory: Peru: Special Report: Businessman and Peru RPCV Fred Poses: February 9, 2005: Index: PCOL Exclusive: RPCV Fred Poses (Peru) : 2007.12.18: December 18, 2007: Headlines: Figures: COS - Peru: Business: Tyler Paper: Ingersoll Rand Buys Fred Poses' Trane For $10.1 Billion

By Admin1 (admin) (pool-151-196-165-224.balt.east.verizon.net - on Wednesday, December 26, 2007 - 7:41 am: Edit Post

Ingersoll Rand Buys Fred Poses' Trane For $10.1 Billion

Ingersoll Rand Buys Fred Poses' Trane For $10.1 Billion

"Combining Trane and Ingersoll Rand's climate control operation creates a very strong business," Poses said. "With the size, strength and operational effectiveness of a $17 billion global industrial company, we believe this combination is best for our customers, employees and shareowners in the long term." Businessman Fred Poses, the President of American Standard Co., served as a Peace Corps Volunteer in Peru in the 1960's.

Ingersoll Rand Buys Fred Poses' Trane For $10.1 Billion

Ingersoll Rand Buys Trane For $10.1 Billion
Business Editor

Ingersoll Rand Co. Ltd.'s acquisition of Trane Inc., could be a positive development for Trane Residential Systems in Tyler, officials from both companies said.

"All that I see in the future is further opportunity for growth as opposed to anything else," said Dave Pannier, president of Residential Systems.

The Hamilton, Bermuda-based Ingersoll Rand will purchase Trane for approximately $10.1 billion in cash and stock, the companies said Monday. Ingersoll Rand's U.S. executive offices are in Montvale, N.J.

Trane stock closed up $8.04, or 21.61 percent, to $45.24 on Monday. Ingersoll Rand stock dipped $5.58, or 11.35 percent, to close at $43.60.

Trane, based in Piscataway, N.J., has more than 29,000 employees and 29 production facilities worldwide. Its 2007 annual revenues are expected to approximate $7.4 billion. Ingersoll Rand's 2007 annual revenues are projected to be approximately $8.7 billion. The company has 35,000 employees and 80 manufacturing facilities worldwide.

An Ingersoll Rand spokesman also said employees of the Tyler Trane operations will not be immediately affected by the acquisition.

"It's premature to talk about any specific integration plans, but I think for the most part it's going to be business as usual for most employees and locations," said the spokesman, Paul Dickard.

The Tyler plant has approximately 2,200 employees, with about 1,600 production employees and about 600 salaried employees, Pannier said.

Tyler is Residential Systems headquarters for Trane and American Standard. It opened in July 1956, as a General Electric air conditioner plant. Trane purchased the business in 1982, and became a division of American Standard in 1984.

This year, American Standard Companies Inc. separated its three businesses - the other two were bath and kitchen and vehicle controls - and retained its air-conditioning systems and services business, changing the name to Trane. It continued to make air conditioning systems bearing the Trane and American Standard names.

"Ingersoll Rand is a large, successful, global business, and they're really complimentary to Trane," Pannier said, adding the acquisition should open an opportunity for the companies to share technologies.

"In that context, it's a matter of us to share in our relative expertise, to make each other better," he said.

Also, Trane commercial and residential air conditioning will bring about $7.4 billion in annual revenue to Ingersoll Rand, said Herbert L. Henkel, Ingersoll Rand chairman, president and chief executive officer.

"The combination of Ingersoll Rand and Trane will create a global, diversified industrial company with projected pro forma 2008 revenues of $17 billion," Henkel said.

Tom Mullins, Tyler Economic Development Council president and chief executive officer, echoed Pannier on many points. Mullins said the acquisition could be good for the Tyler operation because it would boost Ingersoll Rand's position in the climate control business.

Ingersoll Rand's products include air compressors, climate control equipment, tools, locks and larger-scale security integration projects. Its Thermo King business builds climate control equipment for cargo areas of trucks, and its Hussmann business manufactures refrigerated grocery display cases.

"It does not appear that Ingersoll Rand is in this current portion of the climate control business," Mullins said. "They are in refrigerated transport and display cases, but residential air conditioning does not seem to be part of their product line now."

Ingersoll Rand also has a large worldwide network to market and distribute, Mullins said.

"Potentially, this could be a real stimulus for growth in operations of Trane in Tyler," he said.

Ingersoll Rand will acquire all outstanding common stock of Trane. Holders of Trane's approximately 200 million common shares will receive a combination of $36.50 in cash and 0.23 Ingersoll Rand shares of common stock per each Trane share, the companies said.

The total value for this transaction was $47.81 per Trane share based on the closing price on Friday. The companies anticipate the transaction to close late in the first quarter or early in the second quarter 2008, and it is subject to approval by Trane shareholders and regulatory parties.

Fred Poses, Trane chairman and CEO said, the offer represents an attractive price for its shareholders.

"Combining Trane and Ingersoll Rand's climate control operation creates a very strong business," Poses said. "With the size, strength and operational effectiveness of a $17 billion global industrial company, we believe this combination is best for our customers, employees and shareowners in the long term."

Poses will remain in his position until the acquisition is completed.

The Tyler operation gained tax abatements this year for the addition of a research and testing laboratory. Pannier said work is continuing on this project and he hopes it will be operational early in the second quarter of 2008.

Links to Related Topics (Tags):

Headlines: December, 2007; RPCV Fred Poses (Peru); Figures; Peace Corps Peru; Directory of Peru RPCVs; Messages and Announcements for Peru RPCVs; Business

When this story was posted in December 2007, this was on the front page of PCOL:

Contact PCOLBulletin BoardRegisterSearch PCOLWhat's New?

Peace Corps Online The Independent News Forum serving Returned Peace Corps Volunteers RSS Feed
Dodd vows to filibuster Surveillance Act Date: October 27 2007 No: 1206 Dodd vows to filibuster Surveillance Act
Senator Chris Dodd vowed to filibuster the Foreign Intelligence Surveillance Act that would grant retroactive immunity to telecommunications companies that helped this administration violate the civil liberties of Americans. "It is time to say: No more. No more trampling on our Constitution. No more excusing those who violate the rule of law. These are fundamental, basic, eternal principles. They have been around, some of them, for as long as the Magna Carta. They are enduring. What they are not is temporary. And what we do not do in a time where our country is at risk is abandon them."

Peace Corps News Peace Corps Library Peace corps History RPCV Directory Sign Up

November 12, 2007: This Month's Top Stories Date: November 12 2007 No: 1210 November 12, 2007: This Month's Top Stories
Chris Dodd's service began with Peace Corps 9 Nov
Matthew McCue called back to Iraq from Peace Corps 9 Nov
Tschetter Visits Turkmenistan 9 Nov
Lara Weber writes: Oprah Winfrey's stumble 9 Nov
Heather Thompson works with P Diddy 7 Nov
Karen Hughes' public diplomacy came to nothing 4 Nov
James Rupert writes: Musharraf seizes power 3 Nov
Martin Puryear is Man of Mysteries 2 Nov
Sarah Chayes says Taliban score major victory 1 Nov
John Sullivan runs Sudan Divestment Task Force. 30 Oct
Tom Bissell writes: Climbing Mount Kilimanjaro 28 Oct
Chris Shays to seek 12th term 25 Oct
Helen Dudley can't stop giving 25 Oct
Joseph Acaba named to STS-119 Shuttle Crew 22 Oct
Vince Floriani in USA Today's All-USA Teacher Team 22 Oct
Kelly J. Morris writes "The Bight of Benin" 20 Oct
Charles Shelan was Buddhist monk Wondam’s teacher 19 Oct
Peace Corps returning to Liberia 18 Oct
David Peckham started Village Bicycle Project 16 Oct
Alberto Ibarguen announces grant for "Project Impunity" 15 Oct
Campbell Memorial Park boosts ecotourism 15 Oct
Bowers Family keep daughter's dream alive 15 Oct

What is the greatest threat facing us now?  Date: September 12 2007 No: 1195 What is the greatest threat facing us now?
"People will say it's terrorism. But are there any terrorists in the world who can change the American way of life or our political system? No. Can they knock down a building? Yes. Can they kill somebody? Yes. But can they change us? No. Only we can change ourselves. So what is the great threat we are facing? I would approach this differently, in almost Marshall-like terms. What are the great opportunities out there - ones that we can take advantage of?" Read more.

Senator Dodd's Peace Corps Hearings Date: July 25 2007 No: 1178 Senator Dodd's Peace Corps Hearings
Read PCOL's executive summary of Senator Chris Dodd's hearings on July 25 on the Peace Corps Volunteer Empowerment Act and why Peace Corps Director Ron Tschetter does not believe the bill would contribute to an improved Peace Corps while four other RPCV witnesses do. Highlights of the hearings included Dodd's questioning of Tschetter on political meetings at Peace Corps Headquarters and the Inspector General's testimony on the re-opening of the Walter Poirier III investigation.

Paul Theroux: Peace Corps Writer Date: August 15 2007 No: 1185 Paul Theroux: Peace Corps Writer
Paul Theroux began by writing about the life he knew in Africa as a Peace Corps Volunteer. His first first three novels are set in Africa and two of his later novels recast his Peace Corps tour as fiction. Read about how Theroux involved himself with rebel politicians, was expelled from Malawi, and how the Peace Corps tried to ruin him financially in John Coyne's analysis and appreciation of one of the greatest American writers of his generation (who also happens to be an RPCV).

Ambassador revokes clearance for PC Director Date: June 27 2007 No: 1166 Ambassador revokes clearance for PC Director
A post made on PCOL from volunteers in Tanzania alleges that Ambassador Retzer has acted improperly in revoking the country clearance of Country Director Christine Djondo. A statement from Peace Corps' Press Office says that the Peace Corps strongly disagrees with the ambassador’s decision. On June 8 the White House announced that Retzer is being replaced as Ambassador. Latest: Senator Dodd has placed a hold on Mark Green's nomination to be Ambassador to Tanzania.

Suspect confesses in murder of PCV Date: April 27 2007 No: 1109 Suspect confesses in murder of PCV
Search parties in the Philippines discovered the body of Peace Corps Volunteer Julia Campbell near Barangay Batad, Banaue town on April 17. Director Tschetter expressed his sorrow at learning the news. “Julia was a proud member of the Peace Corps family, and she contributed greatly to the lives of Filipino citizens in Donsol, Sorsogon, where she served,” he said. Latest: Suspect Juan Duntugan admits to killing Campbell. Leave your thoughts and condolences .

He served with honor Date: September 12 2006 No: 983 He served with honor
One year ago, Staff Sgt. Robert J. Paul (RPCV Kenya) carried on an ongoing dialog on this website on the military and the peace corps and his role as a member of a Civil Affairs Team in Iraq and Afghanistan. We have just received a report that Sargeant Paul has been killed by a car bomb in Kabul. Words cannot express our feeling of loss for this tremendous injury to the entire RPCV community. Most of us didn't know him personally but we knew him from his words. Our thoughts go out to his family and friends. He was one of ours and he served with honor.

Read the stories and leave your comments.

Some postings on Peace Corps Online are provided to the individual members of this group without permission of the copyright owner for the non-profit purposes of criticism, comment, education, scholarship, and research under the "Fair Use" provisions of U.S. Government copyright laws and they may not be distributed further without permission of the copyright owner. Peace Corps Online does not vouch for the accuracy of the content of the postings, which is the sole responsibility of the copyright holder.

Story Source: Tyler Paper

This story has been posted in the following forums: : Headlines; Figures; COS - Peru; Business


Add a Message

This is a public posting area. Enter your username and password if you have an account. Otherwise, enter your full name as your username and leave the password blank. Your e-mail address is optional.