SWORDS, Ireland--(BUSINESS WIRE)--
Ingersoll-Rand plc (NYSE: IR), a world leader in creating comfortable,
sustainable and efficient environments, announced that its Board of
Directors declared a quarterly dividend of 53 cents per ordinary share
of the company, payable December 31, 2018 to shareholders of record on
December 7, 2018.
Ingersoll Rand has paid consecutive quarterly cash dividends on its
common shares since 1919 and annual dividends since 1910.
The Board of Directors also authorized a new share repurchase program of
up to $1.5 billion of the company’s ordinary shares, to commence upon
the completion of the company’s current $1.5 billion program.
“Our strong balance sheet and free cash flow give us the flexibility to
execute a balanced capital deployment strategy that includes reinvesting
in our businesses, a healthy dividend growing at rates above our
earnings growth, strategic acquisitions, and opportunistic share
repurchases,” said Mike Lamach, chairman and chief executive officer of
Ingersoll Rand. “Our proven track record of redeploying cash flow from
operations has enabled us to successfully execute our strategy to
profitably grow the company while continuing to deliver short and
long-term value to our shareholders.”
The timing of the program will be dependent on the company’s available
liquidity and cash flow, and general market conditions. The repurchase
program may be executed through various methods, including open market
repurchases.
About Ingersoll Rand
Ingersoll Rand (NYSE: IR) advances the quality of life by creating
comfortable, sustainable and efficient environments. Our people and our
family of brands — including Club
Car®, Ingersoll
Rand®, Thermo
King® and Trane®
— work together to enhance the quality and comfort of air in homes and
buildings; transport and protect food and perishables; and increase
industrial productivity and efficiency. We are a $14 billion global
business committed to a world of sustainable progress and enduring
results. For more information, visit www.ingersollrand.com.
This news release includes “forward-looking statements,” which are
statements that are not historical facts, including, but not limited to,
statements that relate to the timing and execution of the Company’s new
share repurchase program and the amount of shares to be repurchased (if
any). The forward-looking statements in this news release are based on
current expectations and assumptions that are subject to risks and
uncertainties, many of which are outside of our control, and could cause
results to materially differ from expectations. Such factors include,
but are not limited to, global economic conditions, the outcome of any
litigation, demand for our products and services, and tax law changes.
Additional factors that could cause such differences can be found in our
Form 10-K for the year ended December 31, 2017, as well as our
subsequent reports on Form 10-Q and other SEC filings. We assume no
obligation to update these forward-looking statements.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181003005173/en/
Ingersoll Rand
Media:
Perri Richman, 732-652-6943
prichman@irco.com
or
Investors:
Zac
Nagle, 704-990-3913
investorrelations@irco.com
Source: Ingersoll Rand