Ingersoll-Rand to spin off security business: sources

NEW YORK (Reuters) - Diversified industrial conglomerate Ingersoll-Rand is expected to announce as soon as Monday that it will spin off its security division, two people familiar with the matter said.

Ingersoll's security technology division had operating income of more than $330 million in 2011 on revenues of $1.63 billion.

The company, which has a market value of more than $14.5 billion, also plans to buy back shares and increase dividends in order to boost shareholder value, one of the sources said.

Ingersoll said earlier this year it would undertake a strategic review, following pressure from activist investor Nelson Peltz, whose Trian Fund Management LP has acquired a roughly 7 percent stake and proposed a break-up of the company.

Peltz joined the company's board in August after three months of agitating for changes at the manufacturer.

Ingersoll's biggest business is heating and cooling systems as a result of its 2008 purchase of Trane. It also makes industrial air compressors and golf carts.

Its competitors in heating and cooling include Johnson Controls' York business, United Technologies Corp's Carrier unit and Lennox International Inc .

Ingersoll and Peltz declined to comment.

The sources asked not to be identified because the matter is not public.

(Reporting by Soyoung Kim and Michael Erman; Editing by Edwina Gibbs)

Source: http://news.yahoo.com/ingersoll-rand-spin-off-security-business-sources-014838244--sector.html

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