Bloomberg News

Ingersoll-Rand to Buy Cameron Unit for $850 Million

August 18, 2014

Ingersoll-Rand Plc (IR:US) agreed to buy Cameron International Corp. (CAM:US)’s centrifugal compression unit for $850 million.

The purchase is expected to be completed this year and should boost earnings per share in 2015, Ingersoll-Rand said today in a statement. The unit had sales of about $400 million in 2013.

Cameron expects proceeds from the sale of $600 million, which it will use to help fund stock buybacks, the Houston-based company said in a separate statement. The divestment was part of a strategic review to focus on key markets, Cameron said.

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net

To contact the editors responsible for this story: James Boxell at jboxell@bloomberg.net John Bowker


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Companies Mentioned

  • IR
    (Ingersoll-Rand PLC)
    • $63.99 USD
    • 0.47
    • 0.73%
  • CAM
    (Cameron International Corp)
    • $50.21 USD
    • 2.46
    • 4.9%
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