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Ingersoll-Rand Tools at Prescott Power Tool and Repair.
In 1871, Simon Ingersoll founded Ingersoll Rock Drill Company. In 1905 Ingersoll-Sargeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. Ingersoll Rand has largely grown by acquisition since that time.
In October 2002 shareholders voted to move the company's incorporation to Bermuda to capitalize on the savings on U.S. corporate income taxes on products sold overseas. Moving the company on paper cost only $27,000 USD per year, with a tax savings estimated at $40 million USD.[citation needed] See tax haven. Ingersoll Rand announced in March 2009 their intention to relocate their offices from Bermuda to Ireland, a decision which shareholders approved in a vote.
The company's executive offices were moved from Woodcliff Lake, New Jersey to neighbouring Montvale, New Jersey in 2004.
In July 2004, the Drilling Solutions business of Ingersoll Rand was sold to Atlas Copco. In May 2007 the company announced it was looking into a sale or spin-off of its Bobcat, utility equipment, and attachments divisions. With this divestiture, Ingersoll Rand will be left with the Industrial Technologies, Climate Control Technologies, and Security Technologies sectors. This would complete the transformation from the diversified machinery label to a diversified industrial company.
In February 2007, Volvo, a Swedish truck and construction equipment manufacturer, announced its agreement to buy the road construction equipment division of Ingersoll-Rand for $1.3 billion in cash to expand its operations in the U.S. The road unit manufactures and sells asphalt paving equipment, compaction equipment, milling machines and construction-related material handling equipment and generated net revenues of approximately $850 million for 2006. The sale includes manufacturing facilities in Pennsylvania, Germany, China and India, as well as 20 distribution and service facilities in the U.S. The business employs approximately 2,000 people worldwide.
On July 30, 2007, Ingersoll Rand announced that the utility and attachment businesses had been sold to Doosan Infracore, part of the South Korean chaebol Doosan, for USD $4.9 billion.
On December 17, 2007, Ingersoll Rand announced that an offer to purchase HVAC supplier, Trane, in a stock and cash transaction. The purchase was approved by Trane's stockholders, and the unit became a part of the Climate Control Technologies business, which is divided into commercial and residential business units, each reporting directly to the Chairman. The sale was completed on June 5, 2008.
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