Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable,
sustainable and efficient environments, announced that its board of
directors declared a quarterly dividend of 25 cents per ordinary share
of the company, reflecting a 19 percent increase.
The board also authorized a new share repurchase program of up to $1.5
billion of the company’s ordinary shares to commence upon the completion
of the company’s current $2.0 billion program. The company anticipates
that it will begin purchases under the new program in the second quarter
2014. The timing of the program will be dependent on the company’s
available liquidity and cash flow, and general market conditions. The
repurchase program may be executed through various methods, including
open market repurchases.
The dividend is payable March 31, 2014, to shareholders of record on
March 14, 2014. The previous quarterly dividend was 21 cents per share.
“We have had a systematic effort over the last several years to return
significant cash flow to shareholders and still invest in growth,” said
Michael W. Lamach, chairman and chief executive officer of Ingersoll
Rand. “Our capital allocation strategy includes earnings growth,
maintaining a strong balance sheet and returning capital to shareholders
through dividends and repurchases. We’ve returned more than $4 billion
to shareholders in the last three years and today’s announcement
reflects our continued commitment to deliver on that capital allocation
strategy.”
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating
comfortable, sustainable and efficient environments. Our people and our
family of brands—including Club
Car®, Ingersoll
Rand®, Thermo
King® and Trane®—work
together to enhance the quality and comfort of air in homes and
buildings; transport and protect food and perishables; and increase
industrial productivity and efficiency. We are a global business
committed to a world of sustainable progress and enduring results. For
more information, visit www.ingersollrand.com.
This news release includes “forward-looking statements,” which are
statements that are not historical facts, including, but not limited to,
statements that relate to the timing and execution of the Company’s new
share repurchase program. The forward-looking statements in this news
release are based on current expectations and assumptions that are
subject to risks and uncertainties, many of which are outside of our
control, and could cause results to materially differ from expectations.
Such risks and uncertainties, include, but are not limited to global
economic conditions, demand for our products and services and tax law
changes. For further information regarding risks and uncertainties
associated with our businesses, please refer to our Form 10-K for the
year ended December 31, 2012, Form 10-Q for the quarters ended March 31,
2013, June 30, 2013, and September 30, 2013 and in our other SEC
filings. We assume no obligation to update these forward-looking
statements.
Copyright Business Wire 2014