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Hussmann 'to be sold to private equity firm'

Reports have suggested that Ingersoll Rand (IR.N) is in late-stage discussions with private equity firm Clayton Dubilier & Rice to sell its Hussmann refrigeration business.

Hussmann — which provides supermarkets and food retailers with display cases, refrigeration systems and beverage coolers — is likely to be valued at less than $750 million, people familiar with the business told Reuters previously. Ingersoll Rand Chief Executive Mike Lamach said on July 21 that the company was on track to sell Hussmann by the end of the third quarter.

However he would not comment on a buyer nor the price it would likely fetch. Reuters reported in March that Ingersoll Rand hired JPMorgan Chase & Co (JPM.N) to sell Hussmann and the auction drew interest from private equity firms.

Shares of IR fell by 5.5% or $-2.05/share to $35.22. In the past year, the shares have traded as low as $32.42 and as high as $52.33. On average, 3702790 shares of IR exchange hands on a given day and today’s volume is recorded at 5786710.

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