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Tuesday, August 19, 2014

CORRECTED-Ingersoll-Rand to purchase Cameron International unit for $850 million (Aug 18), (NYSE: CAM), (NYSE: IR)

Ingersoll-Rand Plc, a maker of heating and air conditioning systems, said it would purchase Cameron International Corp's centrifugal compression unit for $850 million.The business, which makes oil and gas separation equipment, heaters and water processing systems, reported revenue of $396 million for 2013.Ingersoll-Rand said it planned to fund the acquisition through a combination of cash on hand and debt. The company had about $930 million cash on hand as of June 30.The deal is expected to close by the end of the year, the company said.

Cameron International Corporation provides flow equipment products, systems and services to worldwide oil, gas and process industries. Shares of CAM fell by 0.74% or $-0.54/share to $72.09. In the past year, the shares have traded as low as $52.50 and as high as $74.53. On average, 1888560 shares of CAM exchange hands on a given day and today's volume is recorded at 1906574.

Ingersoll-Rand plc (IR-Ireland) is a diversified, global company that provides products, services and solutions to enhance the comfort of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties. Shares of IR traded higher by 2.69% or $1.63/share to $62.18. In the past year, the shares have traded as low as $47.06 and as high as $64.77. On average, 1905390 shares of IR exchange hands on a given day and today's volume is recorded at 2551643.



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