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What does this mean for the Countryside property that Trane wants to buy at the 2nd and 3rd fairway?
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• Transaction Creates a Global Diversified Industrial Company with expected Pro Forma 2008 Revenues of $17 Billion and $2 Billion of DEBIT • Transaction Immediately Accretive to Earnings with Estimated 2008 EPS of $4.00 • Cost and Revenue Synergies are Expected to Exceed $300 million by 2010 • Acquisition Price for Trane of $36.50 Per Share in Cash and 0.23 shares of Ingersoll Rand Common Stock per each Trane Share Equal to Approximately $48.00 in Total Value per Trane Share.
Hamilton, Bermuda and Piscataway, New Jersey, December 17, 2007 – Ingersoll-Rand Company Limited (NYSE:IR) announced today that it has executed a definitive agreement to acquire Trane Inc. (NYSE:TT), formerly American Standard Companies Inc., in a transaction valued at approximately $10.1 billion, including transaction fees and the assumption of approximately $150 million of Trane net debt. Trane is a global leader in indoor climate control systems, services and solutions with expected 2007 revenues of $7.4 billion.
Does Trane still want the Countryside Golf Course property for expansion? The "synergies" word should make the Trane employees quiver. The acquired company employees always get the boot! Is this a surprise to the Trane folks in Tuckawana Circle and Newbern Properties? Wouldn't it just be a hoot if they closed them down .. how sweet it would be!
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