Ingersoll-Rand Ups Dividend 19%; Authorizes Repurchase Of Up To $1.5 Bln Shares

(RTTNews) - Diversified industrial company Ingersoll-Rand plc (IR) Wednesday said 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 expects to 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 dividend is payable March 31, 2014, to shareholders of record on March 14, 2014. The previous quarterly dividend was 21 cents per share.