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Ingersoll-Rand Company Ltd., Hamilton, Bermuda, has agreed to acquire Trane Inc., formerly American Standard Companies Inc., Piscataway, NJ, for $10.1 billion, including the assumption of $150 million of Trane net debt.
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Trane is a manufacturer of indoor climate control systems, services and solutions with expected 2007 revenues of $7.4 billion.
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According to Ingersoll Rand, the acquisition will form a $17 billion global industrial company, which includes an $11 billion Climate Control business. Trane’s commercial and residential climate control business complements Ingersoll Rand’s Hussmann and Thermo King brands.
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The total value was $47.81 per Trane share based on the closing price as of Dec. 14, 2007.
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Trane Inc., previously …