Wednesday, May 9, 2007
Schlage Lock owner has admirer
Warren Buffett likes something about Ingersoll Rand Co. Ltd. The investing guru's Berkshire Hathaway has bought 636,600 shares since Jan. 1. Buffett may like foreign prospects for the company, which employees a few hundred at its Schlage Lock operations in southern El Paso County. The company "wants to derive a higher percentage of its revenue from overseas," according to Reuters, which noted sales in the latest quarter rose 23 percent in Europe. So far it's another wise investment by Buffett, with IR stock up about 5 percent this year and the company saying it expects earnings to be more than 20 cents higher in its next earnings report.