Ingersoll-Rand to spin off security business

Industrial conglomerate Ingersoll-Rand says it will spin off its security technology business and buy back $2 billion of shares.

The Ireland-based company also said Monday it is raising its quarterly dividend by 31 percent to 21 cents per share.

The manufacturer, which makes heating and cooling systems, said the spinoff of its commercial and residential security businesses into a new public company will be completed within the next year.

Chief executive Michael Lamach said that the move would allow both companies to enhance value by allocating capital and deploying resources in a more focused way.