Ingersoll Rand’s board of directors unanimously approved a plan to spin off its commercial and residential security products businesses, which will be combined to form a new global company.
The announcement came less than one year after Ingersoll Rand (IR), Davidson, N.C., sold its security integration business in a guarded transaction. The buyer, Kratos Defense & Security, reportedly paid $20 million for the integration business, but its public announcement of the acquisition did not name the company.