| [February 08, 2005] |
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Ingersoll-Rand Acquires ITO Emniyet, the Marketing and Sales Company for Turkey's Leading ITO brand of Mechanical Locks and Architectural Hardware
HAMILTON, Bermuda --(Business Wire)-- Feb. 8, 2005 -- Ingersoll-Rand Company Limited (NYSE:IR), a leading diversified industrial firm, today announced that it has acquired ITO Emniyet ve Guvenlik Sistemleri Sanayi Ticaret A.S. (ITO Emniyet), an Istanbul-based company that markets and sells Turkey's market-leading ITO brand of mechanical locks and architectural hardware. Terms were not disclosed.
In June 2001, Ingersoll-Rand acquired ITO's manufacturing facility in Duzce, Turkey, and related assets, and became the exclusive manufacturer and supplier of ITO branded products for ITO Emniyet. ITO products, which also include master key systems, door closers and panic exit devices, are also marketed and sold in Eastern Europe and the Middle East.
"Our acquisition of ITO Emniyet affirms our strategy to capitalize on growth opportunities in global security and safety markets," said Herbert L. Henkel, chairman, president and chief executive officer. "In January, we considerably strengthened our European operations and global market presence with the completion of our acquisition of CISA, a well-established, Italy-based security and safety company. Now, with the acquisition of ITO Emniyet, we solidify our platform for serving promising high-growth security and safety markets in Turkey and neighboring regions. The acquisition of ITO Emniyet also adds the competitive ITO brand and technologies to our world-class portfolio of security and safety products, bolstering our market leadership as a global provider of comprehensive solutions."
Ingersoll-Rand is a leading innovation and solutions provider for the major global markets of Climate Control, Industrial Solutions, Infrastructure, and Security and Safety. The company's diverse product portfolio encompasses such leading industrial and commercial brands as Schlage locks and security solutions; Thermo King transport temperature control equipment; Hussmann commercial and retail refrigeration equipment; Bobcat compact equipment; Club Car golf cars and utility vehicles; and Ingersoll-Rand industrial and construction equipment. In addition, IR offers products and services under many more premium brands for customers in industrial and commercial markets. Further information on IR can be found on the company's web site at www.irco.com.
This news release includes "forward-looking statements" that involve risks and uncertainties. Political, economic, climatic, currency, tax, regulatory, technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. In addition, economic and regulatory conditions and other factors could affect the timing or completion of the transaction. Additional information regarding risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to its report on Form 10-Q for the quarter ended September 30, 2004.
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