Ingersoll Rand's Board Approves $2 Billion Share Repurchase Program

December 12, 2006 • The board of directors of Ingersoll-Rand Co. Ltd., Hamilton, Bermuda, authorized the repurchase of up to $2 billion of the company's Class A shares. Based on market conditions, the company will repurchase shares from time to time in the open market and in privately negotiated transactions at the discretion of management.

 

According to Herbert L Henkel, chairman, president, and chief executive officer, the repurchasing of the shares is a step towards enhancing shareholder value. “The board's action reflects our company's solid fundamentals and sound balance sheet,” he said.