The board of directors of Hamilton, Bermuda-based Ingersoll Rand Co. last week authorized the repurchase of up to $2 billion of the company’s Class A shares.

Based on market conditions, share repurchases will be made from time to time in the open market and in privately negotiated transactions at the discretion of management.

“We believe that repurchasing our shares represents a good investment to enhance shareholder value,” said Herbert Henkel, chairman, president and CEO. “The board’s action reflects our company’s solid fundamentals and sound balance sheet.”

Ingersoll Rand is a diversified industrial company providing products, services and integrated solutions to industries ranging from transportation and manufacturing to food retailing, construction and agriculture.