Up – Ingersoll Rand Reports Company Fully Indemnified for European
Posted on July 29, 2010
Filed Under Uncategorized | Leave a Comment
Ingersoll Rand Reports Company Fully Indemnified for European
0 Comments | Manufacturing Close – Up, Jun 26, 2010
Ingersoll-Rand plc confirmed on June 23 that the European Commission’s announced fines for alleged anticompetitive practices conducted by certain European bathroom fixtures and fittings companies included an assessment of EUR 326 million ($400 million) against entities representing the former American Standard Companies, Inc. and certain of its former operations in Europe.
According to a release, this matter does not relate to Ingersoll Rand, its Trane commercial and residential air conditioning business, or its employees, and predates Ingersoll Rand’s June 2008 acquisition of Trane, Inc.
Trane was previously known as American Standard Companies Inc. In 2007, American Standard Companies Inc. was separated into multiple businesses, including Trane commercial and residential air conditioning; the European bathroom fixtures and fittings business, acquired by Ideal Standard International Holding SARL; and Wabco Holdings, which was spun off as a separate, publicly-traded company.
The European Commission’s fine stems from its previously disclosed investigation of alleged anticompetitive practices in the bathroom fixtures and fittings business prior to 2005. In 2007, as part of the planned corporate separation of American Standard Companies Inc., Wabco Europe BVBA, a subsidiary of Wabco Holdings, agreed to indemnify Trane against any fine related to the European Commission’s investigation of this matter
trane air conditioning
Comments
Leave a Reply