International. Ingersoll Rand plc announced the sale of its remaining stake in its Hussmann refrigeration business as part of a transaction in which Panasonic Corp. acquires 100 percent of Hussmann's shares.
Ingersoll Rand expects to receive net income of approximately $400 million. The transaction is expected to close in the first half of 2016, although this agreement should be subject to customary approvals and closing conditions.
"The sale of our remaining stake in Hussmann offers immediate value to our shareholders and will provide additional money for the deployment of the value increase in 2016," said Michael W. Lamach, president and chief executive officer of Ingersoll Rand.
Ingersoll Rand completed the sale of a majority stake in Hussmann's business to private equity firm Clayton, Dubilier & Rice LLC in September 2011.
Ingersoll Rand brands include Club Car, Ingersoll Rand, Thermo King and Trane.
