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Ingersoll-Rand increases dividend by 19 percent

Ingersoll-Rand increases quarterly dividend, announces $1.5B share repurchase program

The Associated Press

Ingersoll-Rand plc said Wednesday that it is increasing its quarterly dividend by 19 percent and announced a $1.5 billion share repurchase program.

Shares of the Irish industrial and commercial products maker jumped in trading in reaction.

Ingersoll-Rand declared a dividend of 25 cents per share, payable March 31 to shareholders of record as of March 14. That's up from its most recent dividend of 21 cents per share.

The company also said that its board has authorized a share repurchase program of up to $1.5 billion of the company's ordinary shares. This will take effect after the completion of the company's current $2 billion program, which it expects will happen in its second quarter.

Shares rose 72 cents to $58 by midday amid a broader market dip.