updated 7/30/2007 8:44:52 AM ET 2007-07-30T12:44:52

Industrial equipment manufacturer Ingersoll-Rand has reached a deal to sell its Bobcat earth-moving division and two other corporate units to the Korean company Doosan Infracore for $4.9 billion, the company announced Monday.

Ingersoll-Rand said it hopes to close the sale early in the fourth quarter.

The product lines _ Bobcat, along with utility equipment and attachments products _ generated $2.6 billion in revenues in 2006.

Herbert L. Henkel, chairman, president and chief executive officer of Ingersoll, which is nominally based in Bermuda but has its executive offices in Montvale, said the sale will complete the transformation of the company into a diversified industrial manufacturer focused on global climate control, industry and security.

The sale includes plants in North Dakota, Georgia, Minnesota, Virginia, China, the Czech Republic, France, Ireland and Wales.

The businesses in the sale have about 5,700 workers worldwide.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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