Ingersoll-Rand Bermuda reincorporation okayed
HAMILTON, Bermuda-At the end of December, Ingersoll-Rand Company completed its reincorporation to Bermuda and has become Ingersoll-Rand Company Ltd.
The reincorporation and relocation of IR's headquarters is expected to save the company at least $40 million annually. Company officials plan to use the additional cash to improve product technology, seek acquisitions and reduce debt.
Nearly 90 percent of IR shareholders favored the plan to move the company's place of incorporation from New Jersey to Bermuda. However some shareholders attempted to block the move, but the lawsuit was resolved in a matter of weeks.
Stento changes name to Zenitel
KANSAS CITY, Mo.-Stento USA, manufacturer of security and communication systems, announced in January its new corporate name of Zenitel USA.
The name change is a result of a merger that took place between Stento USA's parent company Stento ASA in Oslo, Norway and the SAIT Radio Holland company in Brussels, Belgium.
The new corporation employs 1,200 people in more than 50 countries. The U.S. corporate offices will remain here, with four regional offices throughout the country and a dealer network of more than 500.
Napco launches dealer rewards program
AMITYVILLE, N.Y.-Napco Security Group has launched a loyalty rewards program that provides dealers with five percent savings on Napco products.
The program, available through participating distributors by signing up for a Napco Preferred Dealer card, offers dealers notice of special promotions, advanced notice of new Napco products, special updates and technical bulletins.