Industrial conglomerate Ingersoll Rand PLC (IR.N) said it would sell a 60 percent stake in its Hussmann stationary refrigerated display case business to private equity firm Clayton Dubilier & Rice for about $370 million. The cooling systems maker said it would use the cash to speed up its $2 billion share repurchase program which began on June 8, and expects to purchase 28 million to 32 million shares by the end of 2011. Hussmann, founded in 1906 by Harry Hussmann, who pioneered food refrigeration systems, provides supermarkets and food retailers with display cases, refrigeration systems and beverage coolers. It was sold to Ingersoll in 2000 for $1.55 billion in cash. The business recorded sales of about $800 million last year. Hussmann display cases are used by 17 of the largest 20 retailers in North America, including Wal-Mart Stores Inc (WMT.N) and Target Corp (TGT.N).
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 remained unchanged at $31.86. In the past year, the shares have traded as low as $31.21 and as high as $52.33. On average, 4092460 shares of IR exchange hands on a given day and today's volume is recorded at 700.
Wal-Mart Stores, Inc. (Walmart) operates retail stores. Shares of WMT remained unchanged at $50.85. In the past year, the shares have traded as low as $49.59 and as high as $57.90. On average, 11533200 shares of WMT exchange hands on a given day and today's volume is recorded at 17982.
Target Corporation (Target) operates Target general merchandise stores with an assortment of general merchandise and food assortment. Shares of TGT remained unchanged at $48.65. In the past year, the shares have traded as low as $45.65 and as high as $60.97. On average, 7279580 shares of TGT exchange hands on a given day and today's volume is recorded at 5925.
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