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The reorganization was completed on July 1, prior to the opening of trading on the New York Stock Exchange (NYSE).
"Ireland is home to approximately 700 Ingersoll Rand employees operating in manufacturing, sales and corporate roles," said Herbert L. Henkel, chairman and chief executive officer. "Ingersoll Rand's Thermo King business has a major manufacturing site in Galway and many of the company's European Region shared services are based in Swords.
"In addition to its stable economic, legal and regulatory environment, Ireland enjoys strong relationships as a member of the European Union. Ireland also enjoys a long history of international investment and a good network of tax treaties with the United States, the European Union and several other countries where Ingersoll Rand has major operations."
As a result of the reorganization, the Class A common shareholders of Ingersoll-Rand Company Limited (the Bermuda company) have become ordinary shareholders of Ingersoll-Rand plc (the Irish company) and Ingersoll-Rand Company Limited has become a wholly owned subsidiary of Ingersoll-Rand plc. Shares of Ingersoll-Rand plc will begin trading on the NYSE today under the symbol "IR," the same symbol under which the Ingersoll-Rand Company Limited Class A common shares previously traded. Ingersoll-Rand plc will continue to be subject to United States Securities and Exchange Commission (SEC) reporting requirements, to prepare its financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and to report in U.S. dollars, the company noted in a release.
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