Ingersoll-Rand Co. Ltd. has executed a definitive agreement to acquire Trane Inc., 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.

The transaction, which is expected to close late in the first quarter or early in the second quarter of 2008, is subject to approval by Trane shareholders, regulatory approvals and customary closing conditions.

"The combination of Ingersoll Rand and Trane will create a global, diversified industrial company with projected pro forma 2008 revenues of $17 billion,” says Herbert L. Henkel, Ingersoll Rand chairman, president and CEO. “The new Ingersoll Rand portfolio will include an $11 billion Climate Control business that will offer high value equipment, systems and services necessary for delivering solutions across the temperature spectrum for indoor, stationary, and transport applications worldwide.”

Trane's 2007 annual revenues are expected to approximate $7.4 billion. Trane has more than 29,000 employees and 29 production facilities worldwide.

Ingersoll Rand's 2007 annual revenues are projected to be approximately $8.7 billion. The company has 35,000 employees and 80 manufacturing facilities worldwide.

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