IR to sell Bobcat

Ingersoll-Rand says it is looking to sell all of its construction equipment businesses, including Bobcat, saying they no longer fit with its strategic aims. Proceeds of the sale will be used to expand a previously announced share buy-back programme, although the company said if it cannot find a buyer it will look to spin the businesses of to its shareholders. The businesses collectively generated revenues of some US$ 2.6 billion in 2006.