Hamilton, Bermuda, August 9, 2005Ingersoll-Rand Company Limited (NYSE:IR), a leading diversified industrial firm, today announced the signing of a definitive agreement to acquire Astrum Gesellschaft für angewandte Informatik mbH, a company based in Erlangen, Germany, that develops and provides personnel scheduling and work-time management software and services. The acquisition, which is subject to customary regulatory approvals, is expected to close in the third quarter of 2005. Terms of the transaction were not disclosed.
Founded in 1992, Astrum provides its software, business consulting, installation and maintenance services to a range of institutional, commercial, and industrial organizations, including healthcare, manufacturing, hospitality, customer service, and transportation and logistics. The company's flagship product, SP-EXPERT, is a customizable personnel scheduling and time management program that has been installed at more than 800 clients in 32 countries spanning 28 vertical markets.
"Astrum represents a strong, strategically important business that will significantly enhance our capabilities in the global market for security solutions and workforce management systems," said Herbert L. Henkel, chairman, president and chief executive officer of Ingersoll-Rand. "The company's outstanding software and services complement Ingersoll-Rand's security and time and attendance systems to provide comprehensive productivity-based solutions for customers. Additionally, Astrum's European presence and exceptional client roster bolster our global market leadership while facilitating access to companies in industries, such as logistics and customer service, that will benefit considerably from our solutions approach."
Astrum will operate as part of Ingersoll-Rand's Security Technologies Sector, a leading provider of mechanical locks, architectural hardware, electronic and biometric access-control systems, and other technologies and services for global security markets. Ingersoll-Rand's security businesses in Europe include Interflex, a leading provider of time-and-attendance solutions, and CISA, a global provider of mechanical and electronic locking systems, panic hardware and other security products.
Ingersoll-Rand is a global provider of products, services, and integrated solutions to industries as diverse as transportation, manufacturing, construction, and agriculture. The company brings to bear a 100-year-old heritage of technological innovation to help companies be more productive, efficient, and innovative. Examples include cryogenic refrigeration that preserves agricultural produce worldwide, biometric security systems for airports, corporations, and government facilities, the efficient harnessing of air to drive tools and factories, and versatile, compact vehicles for construction and efficient movement of people and goods. In every line of business, Ingersoll-Rand enables companies and their customers to make progress possible.
This news release includes "forward-looking statements" that involve risks, uncertainties and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Political, economic, climatic, currency, tax, regulatory, technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-Q for the quarter ended June 30, 2005.
Wendy Bost (Media Contact)
Joseph Fimbianti (Analyst Contact)