Ingersoll-Rand Co. Ltd. announced Monday, Dec. 17, that it
has executed a definitive agreement to acquire Trane Inc., formerly American
Standard Cos. Inc., in a transaction valued at about $10.1 billion.
Under the terms of the merger agreement,
which has been approved by the Boards of Directors of both companies, Ingersoll-Rand will acquire all outstanding common stock of Trane. The transaction is
expected to close late in the first quarter or early in the second quarter of
2008, subject to approval by Trane shareholders, regulatory approvals and
customary closing conditions. Fred Poses, Trane chairman and CEO, will remain
in his position until the acquisition is completed.