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.

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.

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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