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Contact: Paul Dickard (Media Contact)
(201) 573-3120
Joseph Fimbianti (Analyst Contact)
(201) 573-3113
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INGERSOLL-RAND RECEIVES ALL MATERIAL REGULATORY APPROVALS
NECESSARY TO ACQUIRE HUSSMANN INTERNATIONAL
Woodcliff Lake, N.J., June 13, 2000--Ingersoll-Rand today announced
that it has obtained all material regulatory approvals and clearances necessary
to consummate the tender offer for the purchase of shares of Hussmann
International, Inc. The tender offer is scheduled to expire at 12:00 midnight
tonight, New York City time.
As previously announced, IR Merger Corporation, a wholly-owned
subsidiary of IR, has offered to purchase all of the outstanding shares of
Hussmann. The tender offer is subject to certain conditions, including at least
a majority of Hussmann's outstanding shares, on a fully diluted basis, being
tendered and not withdrawn prior to the expiration of the offer.
IR is a major diversified industrial equipment and components
manufacturer serving the global growth markets of Climate Control, Industrial
Productivity, Infrastructure Development and Security and Safety. Further
information on IR can be found on the company's World Wide Web site at
WWW.INGERSOLL-RAND.COM.
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Hussmann International, Inc., shareholders are advised to read the tender offer
statement regarding the acquisition of Hussmann International, Inc., referenced
in this press release, which was filed by IR Merger Corporation and
Ingersoll-Rand Company with the U.S. Securities and Exchange Commission and the
related solicitation/recommendation statement which was filed by Hussmann
International, Inc., with the Commission. The tender offer statement (including
an offer to purchase, letter of transmittal and related tender offer documents)
and the solicitation/recommendation statement contain important information
which should be read carefully before any decision is made with respect to the
offer. These documents will be made available to all shareholders of Hussmann
International, Inc., at no expense to them, by contacting the information agent,
Georgeson Shareholders Communications Inc. Shareholders in the U.S. and Canada
please call (800) 223-2064; shareholders outside the U.S. and Canada please call
collect 011-44-207-335-7296. These documents are also available at no charge at
the SEC's website at www.sec.gov.
