NEW YORK (AP) -- Ingersoll-Rand plc said Friday that its board continues to review a number of strategic opportunities for the company, including proposals presented by a firm controlled by billionaire investor Nelson Peltz.
Ingersoll-Rand, which makes air conditioning systems, security systems, locks and other products, said that at its invitation, Peltz's Trian Fund Management presented its ideas at the Swords, Ireland-based industrial company's regular board meeting on Tuesday.
The board expects to complete its review of the company's options by the end of the year, Ingersoll-Rand said.
The company said it has engaged in significant talks with Trian and made key executives, advisors and board available for them in order to better understand Trian's proposals.
Trian said in May that it had taken a 7.3 percent stake in Ingersoll-Rand, making it one of the company's biggest shareholders, and asked to meet with its board and senior management.
The investment firm said at the time that Ingersoll-Rand's shareholder returns and profitability have lagged those of similar companies and said shareholder value could be boosted by the improvement of certain financial and other metrics and by considering various "strategic alternatives."
Also on Friday, Ingersoll-Rand's board declared a quarterly dividend of 16 cents. The dividend will be paid on Sept. 28 to shareholders of record as of Sept. 13.
Ingersoll-Rand shares rose $1.02, or 2.4 percent, to $42.98 in morning trading.
