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Ingersoll gets Trane approval

BRUSSELS, Belgium (Bloomberg) - Ingersoll-Rand Co., the world's largest maker of truck-refrigeration units, secured European antitrust approval of its proposed $9.95 billion acquisition of Trane Inc.

The European Commission, the 27-nation European Union's antitrust regulator in Brussels, announced the approval in a statement yesterday.

Piscataway, New Jersey-based Trane, which last year changed its name from American Standard Cos., is the largest U.S. maker of commercial air conditioners. Ingersoll-Rand is based in Hamilton, Bermuda.

The takeover will create a company with $17 billion in revenue, with about $11 billion coming from heating and cooling, Ingersoll-Rand CEO Herbert Henkel said on December 17. Ingersoll-Rand last December completed the sale of its Bobcat construction-machinery unit as the company focuses on the growing market for refrigerated trucks and supermarket coolers.

Ingersoll-Rand will use the Trane purchase to focus on developing heating and cooling systems for vehicles as well as buildings. Continued growth in office and shop construction in the US has buoyed sales, helping to protect Trane against a slowdown in homebuilding. Commercial construction generates two-thirds of Trane's revenue.