Ingersoll-Rand To Sell Remaining Stake In Hussmann To Panasonic For $400 Mln

(RTTNews) - Ingersoll-Rand plc (IR) Monday announced its plan to sell its remaining equity interest in Hussmann Parent, Inc. for approximately $400 million. The deal would be as part of Panasonic Corp. (PCRFY.PK, PCRFF.PK) acquiring 100 percent of Hussmann's shares.

The transaction is anticipated to close in the first half of 2016.

Ingersoll Rand had completed the sale of a majority stake in the Hussmann business to private equity firm Clayton, Dubilier & Rice, LLC in September 2011.

Michael Lamach, chairman and chief executive officer of Ingersoll Rand said, "Selling our remaining ownership in Hussmann provides immediate value to our shareholders and will provide additional cash for value-accretive deployment in 2016."