Business

Ingersoll-Rand to spin off security business

LONDON — The industrial conglomerate Ingersoll-Rand said it will spin off its security technology business and buy back $2 billion of its shares.

The company, based in Ireland, also said Monday that it is raising its quarterly dividend by 31 percent, to 21 cents per share.

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The manufacturer, which makes heating and cooling systems, said the spinoff of its commercial and residential security­ businesses into a new public company will be completed within the next year.

Chief executive Michael Lamach­ said the move would allow both companies to enhance­ their value by allocating capital and deploying resources in a more focused way.

Associated Press

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