IR makes big HVAC buy

I'm not sure how this affects their security play, but when you consider the increasing overlap of security and building controls, this may have some crossover. Truncated release follows. Lots of big numbers (and capital letters, which I hate - stop shouting at me): INGERSOLL RAND TO ACQUIRE TRANE INC. FOR APPROXIMATELY $10.1 BILLION • Transaction Creates a Global Diversified Industrial Company with expected Pro Forma 2008 Revenues of  $17 Billion and $2 Billion of EBIT • Transaction Immediately Accretive to Earnings with Estimated 2008 EPS of $4.00 • Cost and Revenue Synergies are Expected to Exceed $300 million by 2010 • Acquisition Price for Trane of $36.50 Per Share in Cash and 0.23 shares of Ingersoll Rand Common Stock per each Trane • • Share Equal to Approximately $48.00 in Total Value per Trane Share Hamilton, Bermuda and Piscataway, New Jersey, December 17, 2007 – Ingersoll-Rand Company Limited (NYSE:IR) announced today that it has executed a definitive agreement to acquire Trane Inc. (NYSE:TT), formerly American Standard Companies Inc., in a transaction valued at approximately $10.1 billion, including transaction fees and the assumption of approximately $150 million of Trane net debt. Trane is a global leader in indoor climate control systems, services and solutions with expected 2007 revenues of $7.4 billion. Under the terms of the merger agreement, which has been approved by the Boards of Directors of both companies, Ingersoll Rand will acquire all outstanding common stock of Trane. Holders of Trane's approximately 200 million common shares will receive a combination of $36.50 in cash and 0.23 Ingersoll Rand shares of common stock per each Trane share. The total value for this transaction was $47.81 per Trane share based on the closing price as of December 14, 2007. The transaction which is expected to close late in the first quarter or early in the second quarter of 2008, is subject to approval by Trane shareholders, regulatory approvals and customary closing conditions. Herbert L. Henkel, Ingersoll Rand chairman, president and chief executive officer, said, "The combination of Ingersoll Rand and Trane will create a global, diversified industrial company with projected pro forma 2008 revenues of $17 billion. The new Ingersoll Rand portfolio will include an $11 billion Climate Control business which will offer high value equipment, systems and services necessary for delivering solutions across the temperature spectrum for indoor, stationary, and transport applications worldwide. "As a result of expected revenue and cost synergies, we are confident that this acquisition will improve Ingersoll Rand's future earnings growth potential. We believe the new Ingersoll Rand will be capable of sustaining annual organic revenue growth averaging 5-7% and EPS growth exceeding 15% per year, both in excess of our former growth guidance. In particular, assuming timely consummation of the proposed acquisition, we anticipate earnings of $4.00 per share in 2008." At the very least, this sounds like something that's going to make IR more profitable, and that could make them more aggressive in the security market in general. Could be less cash on hand for other security acquisitions, though.