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Ingersoll Rand Up on CEO Comments

Published in: AFX-UK
Date: 5/31/2007

NEW YORK (AP) - Shares of Ingersoll Rand Co. rose Thursday on investor approval of the progress outlined by the industrial equipment maker's chief executive during a presentation to analysts at a conference.

In midday trading, Ingersoll Rand shares were up $1.19 to $50.88, after peaking at $51.10 and coming within pennies of its 52-week high of $51.14.

Herbert L. Henkel, The Bermuda-based company's chairman, president and chief executive, said Ingersoll Rand expects to reclassify its Bobcat, utility equipment and attachments business as discontinued operations.

The company said earlier this month that it would evaluate alternatives for the businesses, including a possible sale or spin-off to shareholders.

Ingersoll-Rand said at the time that the businesses generated about $2.6 billion in 2006 revenue, but no longer fit the company's long-term strategy.

Henkel said that the sale or spin-off of the businesses, combined with proceeds of more than $1 billion from the recent divestiture of the company's road development business, along with a strong balance sheet, give the company 'tremendous flexibility' to implement its strategies to boost shareholder value.

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