Ingersoll-Rand Contributes $100,000 to the American Red Cross and Establishes Special Fund to Benefit Its Employees Affected by Hurricane Katrina
Hamilton, Bermuda, September 7, 2005 -- Ingersoll-Rand Company Limited (NYSE:IR), a leading diversified industrial firm, announced today that is has made a $100,000 cash contribution to the American Red Cross National Disaster Relief Fund to help ease the suffering of the victims of Hurricane Katrina.
The company also has established an IR Charitable Foundation fund through which U.S.-based IR employees and retirees can make tax-deductible donations that will benefit all IR employees affected by the hurricane. The company announced that it will match, dollar-for-dollar, any contributions made by IR employees and retirees to that fund, and will also match, dollar-for-dollar, contributions made by all IR employees and retirees to the American Red Cross National Disaster Relief Fund.
"Our thoughts and prayers go out to all those affected by this disaster," said Ingersoll-Rand Chairman, President and Chief Executive Officer Herbert L. Henkel. "We are making every effort to account for our employees and provide aid to them and their families."
More than 100 Ingersoll-Rand employees and their families are among the hundreds of thousands of people affected by Hurricane Katrina. The firm's Climate Control Technologies Sector has 84 employees working in Louisiana, Mississippi, Alabama and Western Florida. In the wake of the hurricane, two of those employees are still unaccounted for.
In the especially hard-hit New Orleans metropolitan area, the firm's Climate Control Technologies unit has a company-owned Hussmann service and installation facility in the town of St. Rose, St. Charles Parish, which employs 70 people. This facility and several company-owned vehicles were severely damaged. In addition, several employees' homes were severely damaged or destroyed by the storm.
The company's Thermo King unit's dealership in Jefferson Parish also suffered flood damage. In addition, the hurricane destroyed the Air Solutions sales and service facility in New Orleans, operated by the firm's Industrial Technologies Sector.
After the hurricane passed, an IR team immediately began efforts to contact local managers to gather information on employees and the condition of company facilities, a task made difficult by the extensive loss of power and phone service in many areas.
Ingersoll-Rand announced that it will continue to pay all affected employees through the end of September, and will reevaluate the situation at that time. IR also is putting processes in place to get emergency funds to them right away. The company is providing temporary housing assistance for its employees who are now homeless.
"Our IR family is bringing its resources to bear in order to come to the aid of our fellow employees, their families and the communities affected by this natural disaster," Henkel said. "We will continue to evaluate our opportunities to expand our relief efforts as we learn more about local needs."
The firm reported that if donations to the special IR fund exceed its employees' needs, the remaining funds will be donated to the American Red Cross National Disaster Relief Fund.
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.