Company Declares Quarterly Dividend, Continues to Review Trian Proposal as well as Other Specific Alternatives to Enhance Shareholder Value
Swords, Ireland, August 3, 2012 – Ingersoll-Rand plc (NYSE:IR) (the "Company") announced today that its Board of Directors continues its detailed analysis of a number of strategic opportunities, including the proposals presented directly by Trian Fund Management ("Trian") at yesterday’s regularly scheduled Board meeting. The Board has evaluated alternatives to enhance shareholder value and currently expects to complete its review and validation by year-end.
Michael W. Lamach, Chairman and Chief Executive Officer, said, "Ingersoll Rand’s Board and senior management remain committed to acting in the best interests of all of our shareholders. We are continuing our detailed evaluation of the strategic opportunities to drive growth and shareholder value, including the proposals presented by Trian as well as other alternatives identified by the Board. This review involves significant work by the management team and our advisors to ensure the Board has the benefit of all relevant information and data. We look forward to sharing our conclusions with our shareholders when we have finalized them."
In the context of evaluating a range of strategic opportunities, the Board invited Trian to present its ideas regarding the Company’s strategic direction at yesterday’s meeting. The Board thanks Nelson Peltz for his time and welcomed the opportunity to hear directly from him. Ingersoll Rand’s Board and management are dedicated to analyzing carefully and thoughtfully all alternatives in order to drive value for shareholders. The Board has directed Ingersoll Rand’s management team and advisors to continue to expeditiously assess these proposals in addition to other specific alternatives the Board has identified to potentially enhance shareholder value. The Company has engaged in substantial discussions with Trian and has made available its key executives, independent advisors and Board to engage in constructive dialogue to better understand Trian’s proposals.
Company Declares Quarterly Dividend
The Board of Directors declared today a quarterly dividend of $0.16 cents per ordinary share, payable on September 28, 2012, to shareholders of record on September 13, 2012, reflecting an annual dividend rate of $0.64 per share, up from $0.48 per share last year. Ingersoll Rand has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910.
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating and sustaining safe, comfortable and efficient environments. Our people and our family of brands -- including Club Car®, Ingersoll Rand®, Schlage®, Thermo King® and Trane® -- work together to enhance the quality and comfort of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties, and increase industrial productivity and efficiency. We are a $14 billion global business committed to a world of sustainable progress and enduring results. For more information, visit ingersollrand.com.
This news release includes "forward-looking statements," which are statements that are not historical facts, including statements that relate to the evaluation of strategic opportunities and the maximization of shareholder value. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2011, Forms 10-Q for the quarters ended March 31, 2012 and June 30, 2012, and in our other SEC filings. We assume no obligation to update these forward-looking statements.
(704) 655-5324, firstname.lastname@example.org
Investors and Financial Analysts:
(704) 655-4721, email@example.com
(704) 655-5319, firstname.lastname@example.org