SWORDS, Ireland--(BUSINESS WIRE)--Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, and Trian Fund Management, L.P. (“Trian Partners”) today announced that Ingersoll Rand is expanding its Board of Directors with the appointment of Nelson Peltz, Chief Executive Officer and a founding partner of Trian Fund Management, L.P., effective August 10. This brings the number of directors on the Company’s Board to twelve, of which eleven, including Mr. Peltz, are independent directors. Mr. Peltz will also join the Corporate Governance and Nominating Committee and the Finance Committee of Ingersoll Rand’s Board of Directors.
Mike Lamach, Ingersoll Rand’s Chairman and Chief Executive Officer, said: “Following discussions with Trian Partners over the past few months, we have concluded that Nelson would be a valuable addition to Ingersoll Rand’s Board. We welcome his perspective and ideas as we work towards our shared goal of enhancing value for our shareholders. Nelson brings over 40 years of business and investment experience to our Board, including implementation of strategic and operational improvements at many of the companies with which he has been involved.”
Nelson Peltz commented, “Trian Partners is currently one of the largest shareholders of Ingersoll Rand, and we believe the company has great businesses and tremendous potential. I look forward to working closely and constructively with the Board and management as Ingersoll Rand evaluates strategic opportunities to drive growth and shareholder value, including proposals presented by Trian Partners and other alternatives identified by the Board. At Trian, we see a future where Ingersoll Rand’s proven brands and leading market shares produce peer leading shareholder returns.”
Mr. Peltz founded Trian Partners in 2005 with Peter May and Edward Garden. From 1993 to 2007, Mr. Peltz served as Chairman and Chief Executive Officer of Triarc Companies, Inc., which during that period of time owned Arby’s Restaurant Group, Inc. and the Snapple Beverage Group, as well as other consumer and industrial businesses. Mr. Peltz was Chairman and Chief Executive Officer and a director of Triangle Industries, Inc. from 1983 until December 1988, when that company was acquired by Pechiney, S.A. Mr. Peltz began his business career in 1963 when he joined his family food business.
Mr. Peltz currently serves as non-executive Chairman of Wendy’s, the second-largest quick service restaurant company in the United States. Mr. Peltz is also a director of H. J. Heinz Company, a leading global branded consumer products company and Legg Mason, Inc., a global asset management firm with $632 billion under management as of June 30, 2012.
Forward-Looking Statements
This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to our ability to enhance shareholder value. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2011, Forms 10-Q for the quarters ended March 31, 2012 and June 30, 2012, and in our other SEC filings. We assume no obligation to update these forward-looking statements.
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) is a world leader in creating and sustaining safe, comfortable and efficient environments in commercial, residential and industrial markets. Our people and our family of brands—including Club Car®, Ingersoll Rand®, Schlage®, Thermo King® and Trane® —work together to enhance the quality and comfort of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties, and increase industrial productivity and efficiency. We are a $14 billion global business committed to sustainable business practices within our company and for our customers. For more information, visit www.ingersollrand.com.
About Trian Partners
Trian Fund Management, L.P. is a multi-billion dollar alternative investment management firm, founded in November 2005 by its Principals Nelson Peltz, Peter May and Ed Garden. Trian Partners employs a focused investment strategy that leverages off of the Principals’ decades of operating experience of successfully working with management teams and boards of directors to fix and build businesses in a broad range of industries.