Ingersoll-Rand Shareholders Support Stay in Bermuda

Shareholders of Ingersoll-Rand, Hamilton, Bermuda, last week rejected a proposal to legally move the company back to the United States from Bermuda.

The company said that 58.6 percent of its shareholders voted against the non-binding measure, while 41.4 percent voted in favor. The press was not allowed to attend the annual meeting, held in Davidson, N.C., citing space limitations.

The company was previously based in Woodcliff Lake, N.J., until is reincorporated in Bermuda at the end of 2001 to reduce tax bills.

Also last week, Standard & Poor’s Ratings Services assigned its proposed ‘A-2’ commercial paper rating to Ingersoll-Rand European Financial Services PLC’s EUR500 million euro-commercial paper program, which will be unconditionally and irrevocably guaranteed jointly and severally by Ingersoll-Rand Co. Ltd. and the Ingersoll-Rand Co.

At the same time S&P affirmed its ‘BBB+’ corporate credit rating on Ingersoll-Rand. At March 31, 2003, the global industrial manufacturer had approximately $3.1 billion of debt outstanding. The outlook remains negative.

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