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Ingersoll-Rand Stockholders Approve Ireland Move

The Associated Press

HAMILTON, Bermuda (AP) — Ingersoll-Rand Co. Ltd. said late Wednesday that its shareholders have approved a plan to move the company's headquarters to Ireland from Bermuda.

In a statement, Chief Executive Herbert Henkel said Ireland's "common law-based legal system, its strong relationships as a member of the European Union, and its robust network of tax treaties with the United States, the European Union and many other countries where Ingersoll-Rand has major operations provide a stable environment to pursue our global growth strategies."

Nearly 97 percent of shareholders voted for the move.

The industrial manufacturer's shares slipped 40 cents, or about 2 percent, to close the regular session at $21.11.