Friday January 11, 01:56 PM
Ingersoll-Rand to take a charge from asbestos liability
NEW YORK (Thomson Financial) - Ingersoll-Rand Co. Friday said it would take a non-cash charge of $449 million related to its liability for all pending and estimated future asbestos claims through 2053.
The charge will be recorded in the company's discontinued operations. On an after-tax basis, the charge is $277 million.
Ingersoll estimates that its total liability for asbestos claims will be $755 million. This is an increase from an earlier estimate of $217 million.
Shares of Ingersoll, a Hamilton, Bermuda-based industrial products firm, closed Thursday at $40.44.
Ryan Vlastelica
rv/pc
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