Ingersoll-Rand to sell Timken shares

Ingersoll-Rand has agreed to sell the common stock it holds in The Timken Company.
Ingersoll-Rand received approximately 9.4 million shares in February as part of the purchase price for the sale of its Engineered Solutions business to Timken. The stocks will be sold for pre-tax proceeds of $147.6 million, which will be used to reduce debt and for other general corporate purposes, the company said in a press release.