Ingersoll-Rand on Feb. 14 provided an update regarding its previously-announced spin-off of the company’s Industrial segment and subsequent merger with a Gardner Denver subsidiary, which will ultimately result in the formation of pure-play climate company, Trane Technologies.
Friday’s update said that Swords, Ireland-based Ingersoll-Rand (IR) has set a record date of Feb. 24 for the spin-off, with the merger to be completed on Feb. 29, subject to closing conditions. IR will then distribute all of the shares of common stock of its Industrial subsidiary to IR shareholders as of the record date by means of a pro rata distribution. The distribution will not impact the number of shares held by shareholders in Ingersoll-Rand plc, which is expected to change its name to Trane Technologies plc and its ticker symbol to “TT” following the merger. Immediately following the spin-off, Ingersoll Rand Industrial will merge with a subsidiary of Gardner Denver.
IR included the following details regarding Ingersoll Rand Industrial shares:
“In connection with the merger, the Ingersoll Rand Industrial shares would be converted to the right to receive Gardner Denver shares as illustrated in the hypothetical below:
Upon completion of the merger, Ingersoll Rand shareholders are expected to collectively own approximately 50.1 percent of the shares of Gardner Denver common stock on a fully-diluted basis, and current Gardner Denver stockholders are expected to collectively own approximately 49.9 percent on a fully-diluted basis.”