Ingersoll-Rand (IR) a diversified manufacturing company announced in October its intention to incorporate in Bermuda as a means to reduce its worldwide tax rate.

More recently, IR announced that although its shareholders have overwhelmingly approved a plan to change the company's place of incorporation from New Jersey to Bermuda, at least one shareholder is trying to block the move.

The company stated a suit has been brought by an individual shareholder holding approximately 16,000 shares. The US District Court in Newark, New Jersey, will hear arguments on December 18, 2001, on the shareholder's request to block the reincorporation.

Meanwhile, the proposal to reincorporate in Bermuda passed by a vote of 113,915,706 to 14,332,195 - or by 89 percent against 11 percent. More than $1.3 million shares abstained from voting. The company has approximately 168 million shares outstanding.

Under the plan to incorporate on the Island, Ingersoll-Rand Company Limited, a newly formed Bermuda corporation, would become the parent company of Ingersoll-Rand Company on December 31, 2001.

IR is a solutions provider for the major global markets of Security and Safety, Climate Control, Industrial Productivity an Infrastructure. The company said its diverse product portfolio encompasses such leading industrial and commercial brands as Schlage locks and security solutions, Thermo King transport temperature control equipment, Hussmann commercial and retail refrigeration equipment, Bobcat compact equipment, Club Car golf cars and utility vehicles, Torrington bearings and components, PowerWorks microturbines, and Ingersoll-Rand industrial and construction equipment.