Ingersoll Rand to Sell Majority Interest in Hussmann Stationary Refrigerated Display Case Business for $370M

Ingersoll-Rand plc IR entered into an agreement to sell a 60 percent stake in its Hussmann refrigerated display case business to the private equity firm Clayton Dubilier & Rice, LLC Ingersoll Rand will receive cash proceeds of approximately $370 million at closing and will retain a 40 percent equity interest in the business. The company will use the cash to expedite its $2 billion share repurchase program, which began on June 8, 2011 and expects to purchase 28 to 32 million shares by the end of 2011.