Nelson Peltz's Trian Partners Boosts Ingersoll Rand Stake ~ market folly

Wednesday, April 2, 2014

Nelson Peltz's Trian Partners Boosts Ingersoll Rand Stake

Nelson Peltz's activist investment firm Trian Partners has filed an amended 13D with the SEC regarding its position in Ingersoll Rand (IR).  Per the filing, Trian now owns 6.2% of the company with over 17.9 million shares.

This marks an increase of over 5.9 million shares since the end of 2013.  The filing notes that Peltz is not seeking re-election to IR's board due to his recent appointment to Mondelez's (MDLZ) board.

Late last year, Ingersoll Rand spun-off Allegion (ALLE), a commercial and residential security business and Trian also owns shares in this business.  After this spin-off, IR is now focused on transport refrigeration and heating, ventilation and air conditioning.

Trian's fourth quarter 2013 letter to investors notes that, "We believe innovation-led market share gains and a recovery in commercial and residential construction markets will help grow the top-line while continued productivity improvements should drive more margin expansion at IR."

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