![Danger Asbestos Warning Sign](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/157380644/image_157380644.jpg?io=getty-c-w750)
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Ingersoll Red (NYSE:IR) -1.4% post-market Monday after disclosing it permanently divested all legacy asbestos liability by selling wholly-owned subsidiaries that hold the liabilities and the related insurance assets to Delticus, a corporate liability acquisition platform owned by Third Point affiliates.
At closing, the divested entities were capitalized with a total of $188.5M, including $143.5M from insurance settlement proceeds, $35M from affiliates of Delticus, and $10M from Ingersoll Rand (IR), according to a Form 8-K.
As a result of the transaction, Ingersoll Rand (IR) said no asbestos liabilities or related insurance assets will be included in its consolidated year-end 2024 balance sheet.