Monday, July 30, 2007
Ingersoll-Rand Company Limited today announced that it has agreed to sell its Bobcat, Utility Equipment and Attachments business units to South Korean Doosan Infracore for approximately $4.9 billion. The Ingersoll-Rand press release was sparse on details, but more will come out once the sale agreement is filed with the SEC later this week. Of particular interest will be if there is an Exon-Florio condition in the agreement and its parameters in light of the new CFIUS review legislation which came into effect last week. I'll post more on this once the agreement is filed.
Also, for those who decry the sale of this American infrastructure to foreigners note that Ingersoll-Rand reincorporated from the United States to Bermuda on December 31, 2004 (for details see their 2006 Form 10-K here). This was before Stanley Works attempted the same tax dodge, and, in the wake of the controversy, the American Jobs Creation Act of 2004 made such reincorporation tax prohibitive.