WOODCLIFF LAKE, N.J., Oct. 11, 2000 (BUSINESS WIRE) — Ingersoll-Rand Company (NYSE:IR), a leading diversified industrial firm, today announced the formation of the Independent Power Sector. The new sector, which includes the company’s PowerWorks microturbine technologies, will focus on identifying, developing and marketing alternative-power and energy-management solutions. The Independent Power Sector will be reported as part of the company’s Industrial Productivity segment beginning in 2001.

IR named Rone H. Lewis III, a senior vice president of the company, president of Independent Power. In addition to this new assignment, Lewis will continue to direct IR’s E-Business Sector, which includes overseeing the company’s electronic-commerce initiatives and partnerships.

Lewis, 56, will lead a management team that includes industry leaders in the field of alternative-power technologies and who pioneered PowerWorks microturbines. Over 10 years in development, the PowerWorks line of microturbines is slated to be commercially available in mid 2001.

“Forming the Independent Power Sector indicates IR’s commitment to pursuing the significant growth opportunities associated with emerging alternative-power generation and energy-management technologies,” said Herbert L. Henkel, IR chairman, president and chief executive officer.

Henkel added: “With Rone Lewis’ entrepreneurial vision and experience in developing new businesses, and the talented IR PowerWorks management, we will accelerate the progress of our current initiatives and leverage our existing industrial technology and manufacturing infrastructure to respond quickly to the growing market demand for reliable and cost-effective distributed-power-generation and energy-management solutions.”

Commenting on his appointment, Lewis said: “The impact of energy deregulation is altering the market landscape as businesses seek alternative means for effectively managing their power consumption. IR’s Independent Power Sector will be able to capitalize on the growth opportunities associated with this changing market by offering power-generation and management solutions such as the PowerWorks™ microturbine line, as well as other technologies IR is currently developing. I am fortunate to be given an opportunity to build a business that has been nurtured for more than 10 years by such recognized leaders in the distributed power generation field as Jim Kesseli and Jim Watts. I look forward to working with them and the Independent Power team to deliver commercially and technologically sound solutions to the marketplace.”

IR is a major diversified industrial equipment and components manufacturer serving the global growth markets of Climate Control, Industrial Productivity, Infrastructure Development and Security and Safety. Further information on IR can be found on the company’s web site at www.irco.com.

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