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The deal gives Ingersoll-Rand, which makes Thermo King refrigerated trucks, access to Trane's building and transportation cooling systems.
"This acquisition represents a significant next step in Ingersoll-Rand's decade-long transformation to become a leading global diversified industrial company, with strong market positions across the climate control, industrial and security markets," said Chief Executive Officer Herbert Henkel.
Bermuda-based Ingersoll-Rand Co. manufactures everything from golf carts to home security and has a significant climate control business.
Piscataway, N.J.-based Trane, formerly known as American Standard Companies Inc., focuses its business almost exclusively on residential and commercial climate control.
Combining the climate control operations of Trane and Ingersoll-Rand "creates a very strong business," said Fred Poses, Trane chairman and CEO.
The combined companies are expected to have 2008 revenues of $17 billion, Henkel said.
Under the terms of the agreement, which is one of the largest industrial buyouts in recent years, Trane shareholders will receive a cash-and-stock trade: Ingersoll-Rand agreed to pay the shareholders $36.50 plus 0.23 of its shares for each Trane share.
[Associated Press]
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