Ingersoll-Rand plc (IR - Free Report) has recently realigned its financial reporting structure into two segments, namely Climate and Industrial, which is effective starting from fourth quarter results.
Ingersoll made the change to focus on its core businesses following the spin-off of its commercial and residential security businesses, Allegion. The divestment is expected to be completed prior to the end of the current year. The Industrial segment remains unchanged, but the Climate segment will include all of commercial and residential heating ventilation and air conditioning (HVAC) and transport solutions business.
Didier Teirlinck will be the executive vice president of the Climate segment and Robert Zafari will be the vice president of Industrial Segment. Both the executives are skilled and experienced to enable the company reach newer heights.
As a result of this realignment, Ingersoll expects to incur a charge of approximately 15-20 cents per share within the next two quarters. The restructuring initiative is aimed to provide greater focus on growth, continued implementation of business operating system and reduce complexity and overhead cost, thereby improving long-term growth prospects and higher margin prospects.
Ingersoll is a globally diversified industrial company, which designs, manufactures and sells a range of industrial and commercial products and services. It provides energy-efficient solutions, residential solutions, technology and security related services both in the domestic and international markets.
Ingersoll currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look in the industry include Xylem Inc (XYL - Free Report) , carrying a Zacks Rank #1 (Strong Buy), and Flowserve Corp. (FLS - Free Report) and DXP Enterprises, Inc (DXPE - Free Report) , each carrying a Zacks Rank #2 (Buy).