Ingersoll-Rand reports increased margins in Climate Control division

Ingersoll-Rand reports in increase in operating margins for its climate control sector for the first quarter 2002. The climate control sector includes Thermo King and Hussman. The margins increased to 5.5% in 2002, up from 5.2% in 2001. Excluding acquisition, revenue for climate control decreased 8%. The decrease was sharper in the transport market with revenue dropping 12% as a result of soft refrigerated trailer sales and a 48% drop in refrigerated marine containers. In addition, demand for new refrigerated equipment has been slowed by ready availability of used equipment; however, the company believes that the supply of used equipment has declined by 50% in the past year. The decline in trailer sales was less severe in the first quarter 2002 than during the same period 2001.