Ingersoll Rand to sell golf cart business for $1.68 billion to cut debts [Reuters]
Ingersoll Rand Inc. (IR)
Last ingersoll rand inc. earnings: 1/29 06:30 am
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Source: Reuters
By Reuters Staff 2 Min Read (Reuters) -Ingersoll Rand Inc said on Monday it will sell its golf cart business to private equity firm Platinum Equity LLC for $1.68 billion, as the industrial solutions provider looks to cut its debts. The deal for Club Car, which Ingersoll Rand acquired in 1995, is the latest in a series of divestitures that chief executive officer Vicente Reynal has embarked on to streamline the company’s portfolio following last year’s merger of its industrial business with Gardner Denver Holdings Inc. As of Dec. 31, a long-term debt of $3.86 billion stood on the books of Ingersoll Rand, which said Club Car sale proceeds will also be directed towards core business segments. Jefferies said it expects additional deals with some longer term potential for a dividend, adding that investor focus will shift to reinvestment of proceeds and execution of the growth and margin strategy. For Platinum Equity, the deal would be a bet on a potential rebound in golf as a recreational
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News
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- Reasons Why Ingersoll Rand (IR) Should be in Your Portfolio [Yahoo! Finance]Yahoo! Finance
- Ingersoll Rand Inc. (NYSE: IR) had its price target raised by analysts at Citigroup Inc. from $105.00 to $112.00. They now have a "buy" rating on the stock.MarketBeat
- Ingersoll Rand Inc. (NYSE: IR) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Air Compressor Market Projected to Reach $68.86 billion by 2030 - Exclusive Report by 360iResearch [Yahoo! Finance]Yahoo! Finance
IR
Earnings
- 2/15/24 - Beat
IR
Sec Filings
- 3/27/24 - Form 4
- 3/27/24 - Form 4
- 3/25/24 - Form 8-K
- IR's page on the SEC website