Ingersoll-Rand Moves Corporate Base To Bermuda
New York listed company Ingersoll-Rand Company (NYSE:IR), a leading diversified
industrial firm, has announced that its shareholders have overwhelmingly
approved a plan to change the company’s place of incorporation from
New Jersey to Bermuda. The proposal passed by a vote of 113,915,706 (89%)
to 14,332,195 (11%), with 1,309,232 shares that abstained from voting.
The company has approximately 168 million shares outstanding. Ingersoll-Rand
shares have risen 2.5 per cent this year. In a letter sent to shareholders, the company said that the move would
enhance cash-flow and reduce its global tax charge. Under the plan, Ingersoll-Rand Company Limited, a newly formed Bermuda
corporation, will become the parent company of Ingersoll-Rand Company
on December 31, 2001. The company also stated that in a suit brought by
an individual shareholder holding approximately 16,000 shares, the U.S.
District Court in Newark, N.J., will hear arguments on December 18, 2001,
on the shareholder’s request to block the reincorporation. Ingersoll-Rand describes itself as a leading innovation and solutions
provider for the major global markets of Security and Safety, Climate
Control, Industrial Productivity and Infrastructure. The company’s
diverse product portfolio encompasses such industrial and commercial brands
as Schlage locks and security solutions, Thermo King transport temperature
control equipment, Hussmann commercial and retail refrigeration equipment,
Bobcat compact equipment, Club Car golf cars and utility vehicles, Torrington
bearings and components, PowerWorks microturbines, and Ingersoll-Rand
industrial and construction equipment. .
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