Industrial conglomerate Ingersoll Rand (IR.N) is in late-stage discussions with private equity firm Clayton Dubilier & Rice to sell its Hussmann refrigeration business, two people familiar with the matter said. The value was not immediately clear on Tuesday. Hussmann -- which provides supermarkets and food retailers with display cases, refrigeration systems and beverage coolers -- is likely to be valued at less than $750 million, people familiar with the business told Reuters previously. Ingersoll Rand Chief Executive Mike Lamach said on July 21 that the company was on track to sell Hussmann by the end of the third quarter, but would not comment on a buyer nor the price it would likely fetch. Reuters reported in March that Ingersoll Rand hired JPMorgan Chase & Co (JPM.N) to sell Hussmann and the auction drew interest from private equity firms.
Ingersoll-Rand plc (IR-Ireland) is a diversified company that provides products, services and solutions to enhance the comfort of air in homes and buildings, transport and protect food and perishables, and secure homes and commercial properties. Shares of IR fell by 5.5% or $-2.05/share to $35.22. In the past year, the shares have traded as low as $32.42 and as high as $52.33. On average, 3702790 shares of IR exchange hands on a given day and today's volume is recorded at 5786710.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 1.48% or $-0.6/share to $39.84. In the past year, the shares have traded as low as $35.55 and as high as $48.36. On average, 32724900 shares of JPM exchange hands on a given day and today's volume is recorded at 43852780.
