Ingersoll-Rand plc (2012-2015)
Ingersoll Rand, Inc. (“Ingersoll Rand” or “IR”) is a global provider of heating, ventilation and air conditioning products, services and solutions for homes and businesses, as well as industrial tools and transportation.
Trian was attracted to Ingersoll Rand’s collection of leading brands and businesses. Trian believed there was an opportunity to enhance shareholder value by improving certain key financial, operational, compensation and corporate governance metrics and by considering various strategic alternatives, including restructuring Ingersoll Rand’s key business segments.
In May 2012 Trian announced its position in IR and, in August 2012, Ingersoll Rand announced the appointment of Nelson Peltz to the Board of Directors, the Corporate Governance and Nominating Committee and the Finance Committee. In December 2012, IR announced two major initiatives to enhance shareholder value: the tax-free spin-off of its security business (Allegion), and revisions to its capital structure, including a $2 billion stock buyback program and dividend increase.
Trian believes that separating into two public companies, Ingersoll Rand and Allegion have been able to better allocate capital and deploy resources. Ingersoll Rand and Allegion have also experienced organic revenue growth at the top of their respective peer groups, increased operating margins, and have completed value-enhancing M&A.
Trian exited its position in Ingersoll Rand in December 2015.
Company Website: http://company.ingersollrand.com/ircorp/en/index.html