Nelson Peltz, whose Trian Fund Management LP holds the fourth-largest stake in Ingersoll-Rand Plc, was appointed to a seat on the industrial group’s board.
Peltz, who is the largest investor in fast-food chain Wendy’s Co., is known for buying stakes in companies and then pushing them to increase their value by cutting costs or merging. His appointment to Ingersoll Rand’s board brings the number of directors to 12, 11 of whom are independent, the company said today.
“The company has great businesses and tremendous potential,” said Peltz, whose Trian Fund Management disclosed a 7.3 percent stake in Ingersoll Rand in May. “I look forward to working closely and constructively with the board and management as Ingersoll Rand evaluates strategic opportunities to drive growth and shareholder value.”
Trian said earlier this year it would meet with members of the board and top management of Swords, Ireland-based Ingersoll Rand to discuss ways of boosting share value. New York-based Trian held 13.5 million shares in the company as of Aug. 3, according to data compiled by Bloomberg.
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