Iran General NewsIngersoll says fully disclosed sales to Iran

Ingersoll says fully disclosed sales to Iran


ImageReuters: Diversified industrial company Ingersoll-Rand Plc said it has fully disclosed its limited sales in Iran, and that all of them took place through non-U.S. subsidiaries. ImageNEW YORK, March 3 (Reuters) – Diversified industrial company Ingersoll-Rand Plc said it has fully disclosed its limited sales in Iran, and that all of them took place through non-U.S. subsidiaries.

Ingersoll's statement came amid pressure from a Washington-based group, United Against Nuclear Iran (UANI), which is pressuring global industrial companies to stop serving Iran's energy sector.

"We do have limited sales in Iran, all of which is through non-U.S. subsidiaries and in full compliance with U.S. laws relating to such business," Ingersoll said in a statement e-mailed to Reuters. "The sales amount to approximately 0.1 to 0.2 percent of overall revenues, and as such not material."

Ingersoll's 2009 revenue totaled about $13 billion. At that level, 0.1 percent is equal to about $13 million.

UANI sent a four-page letter on Tuesday to Ingersoll Chief Executive Mike Lamach detailing what it calls "extensive dealings" in Iran, which argues that conducting business in Iran violates the company's code of conduct.

At issue are air compressors used in industrial plants run by the state-owned National Iranian Oil Company, according to the letter. UANI says Ingersoll should cease doing business in Iran because of the country's alleged sponsorship of terrorism, pursuit of nuclear weapons, and human rights violations.

Included as addressees were the chief of the New York Stock Exchange, the head of the Securities and Exchange Commission and an official with the Treasury Department.

The letter urges the SEC and NYSE to investigate business practices, and vows to call on the NYSE to delist Ingersoll shares if the company continues operations in Iran.


General Electric Co, Huntsman Corp and Caterpillar Inc have agreed to sever ties with Iran, the letter said.

Caterpillar Inc earlier this week tightened its policy on not doing business with Iran to prevent foreign subsidiaries from selling equipment to independent dealers who then resell it to the Middle Eastern country, which is subject to extensive trade sanctions.

Existing U.S. law had allowed such third-party sales, which represented less than 0.2 percent of Caterpillar's $32.4 billion in 2009 revenue, the world's largest maker of construction and mining equipment said on Monday.

Ingersoll's response also noted that in the fourth quarter of 2008 the company provided the SEC's Office of Global Security Risk a complete report regarding foreign subsidiaries' sales to Iran.

"We are confident that this reflects adequate disclosure and transparency about the company's activities," the company said.

(Reporting by Nick Zieminski, editing by Dave Zimmerman )

Latest news

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Water Shortage Crisis and the Destruction of Iran’s Water Resources

Iran is currently suffering from a number of dangerous natural disasters. One of the most worrying is the drying...

Economic Freedom Under the Rule of the Mullahs in Iran

The Fraser institute published its annual report of the index of economic freedom on September 8, which measured the...

Must read

Iran MP urges release of political prisoners

AFP: Conservative lawmaker Ali Motahari on Sunday called for...

Iran presidential candidate vows to resist West

AP: Iran's top nuclear negotiator, a candidate in next...

You might also likeRELATED
Recommended to you