Aug. 18 (Bloomberg) -- Ingersoll-Rand Plc agreed to buy Cameron International Corp.’s centrifugal compression unit for $850 million.
The purchase is expected to be completed this year and should boost earnings per share in 2015, Ingersoll-Rand said today in a statement. The unit had sales of about $400 million in 2013.
Cameron expects proceeds from the sale of $600 million, which it will use to help fund stock buybacks, the Houston-based company said in a separate statement. The divestment was part of a strategic review to focus on key markets, Cameron said.
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