Ingersoll Rand Agrees to Acquire Trane Inc.

In December 2007, Trane Inc. agreed to be acquired by Ingersoll Rand in a cash-and-stock deal valued at $36.50 in cash and 0.23 shares of Ingersoll Rand stock per Trane share. The transaction is expected to close in the second quarter of 2008, subject to shareholder and regulatory approvals.

“In December we agreed to sell Trane to Ingersoll Rand, which will create a new company of even greater size, strength and potential. Under terms of the agreement, our shareowners will receive $36.50 in cash and .23 shares of Ingersoll Rand stock for every Trane share they hold. We expect the sale to be completed in the second quarter of 2008.”

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