Ingersoll-Rand's board approves $2-billion share repurchase programme
08 Dec 2006
The board of directors of Ingersoll-Rand Company Limited yesterday authorised the repurchase of up to $2 billion of the company's Class A shares. Based on market conditions, share repurchases will be made from time to time in the open market and in privately negotiated transactions at the discretion of management.
"We believe that repurchasing our shares represents a good investment to enhance shareholder value," said Herbert L Henkel, chairman, president and chief executive officer. "The board's action reflects our company's solid fundamentals and sound balance sheet."
Ingersoll Rand is a leading diversified industrial company providing products, services and integrated solutions to industries ranging from transportation and manufacturing to food retailing, construction, and agriculture.
