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News Summary: Ingersoll-Rand spin-off

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The Associated Press | December 10, 2012 02:17 PM EST | AP


SPIN AND RAISE: Industrial conglomerate Ingersoll-Rand says it will spin off its security technology business and buy back $2 billion of shares. The Ireland-based company also said Monday it is raising its quarterly dividend by 31 percent to 21 cents per share.

COMING SOON: The spinoff of its commercial and residential security businesses into a new public company will be completed within the next year.

MULTIPLICATION BY DIVISION: CEO Michael Lamach said that the move will allow both companies to enhance value by allocating capital and deploying resources in a more focused way.