I was curious as to who bought the rock drill division and I finally found this:
http://www.shareholder.com/ir/news/20040219-129087.cfm?ReleaseID=129087
Ingersoll-Rand Agrees to Sell its Drilling Solutions Business to Atlas Copco
Hamilton, Bermuda, February 19, 2004--Ingersoll-Rand Company Limited
(NYSE:IR), a leading diversified industrial firm, today announced that
it has agreed to sell its Drilling Solutions business unit to Atlas
Copco AB, headquartered in Stockholm, Sweden, for approximately $225
million. The transaction, which is expected to be completed in the
second quarter of 2004, is subject to government regulatory approvals.
The Drilling Solutions business, which dates to Ingersoll-Rand's
origins in 1871, manufactures drilling equipment and accessories for
the worldwide construction, mining, quarrying, and water-well drilling
industries. It had 2003 revenues of approximately $300 million and
employs approximately 950 people.
The transaction will include production facilities in Garland, Texas;
Roanoke, Virginia; Yokohama, Japan; and Xuan Hua, China; and
Ingersoll-Rand Equipment Stores in Knoxville and Nashville, Tennessee;
and Clarks Summit, Pennsylvania. The transaction does not include
Ingersoll-Rand's France-based Montabert business unit, which
manufactures hydraulic rock-breaking equipment.
"This divestiture has significant strategic and symbolic importance
for our company," said Herbert L. Henkel, chairman, president and
chief executive officer. "Strategically, it improves our ability to
invest in opportunities that enhance our core product lines,
recurring-revenue stream, and geographic reach, particularly in the
global growth markets of security and safety, climate control,
industrial and energy solutions, compact equipment and road
development.
"At the same time, we are clearly transforming our company's historic
business profile and creating a new foundation to achieve growth and
consistent earnings performance. We continue to benefit from market
leading businesses and well-known brands, and we remain committed to
developing innovative products and solutions for customers throughout
the world.
"Over its lengthy history the Drilling Solutions business has been a
valued contributor to Ingersoll-Rand's success. Its market stature
reflects the dedication and commitment of all current and past
employees. I am confident that Drilling Solutions will benefit as part
of a company providing complementary products and solutions to global
customers." |