Ingersoll-Rand Board Will Review Proposals From Nelson Peltz
Ingersoll-Rand (NYSE: IR) said on Friday that its board is reviewing a number of strategic opportunities, including proposals that were presented by Nelson Peltz's investment firm, Trian Fund Management. The investment firm presented its ideas to Ingersoll-Rand at the company's regular board meeting in Swords, Ireland. The company said that it expects that the review will be completed by the end of the year.
In May, Trian said that it had taken a 7.3 percent stake in Ingersoll-Rand, which manufactures air conditioning systems, security systems, locks and other industrial products.
Warren Buffett's Berkshire Hathaway (NYSE: BRK.B) also has a stake in the company. At the time of investment, Trian said that Ingersoll-Rand's shareholder returns and profitability have trailed those of similar companies and that the stock price could benefit from improvement of certain financial metrics and consideration of "strategic alternatives."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.