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Ingersoll-Rand PLC (IR) yielded to pressure from activist investor Nelson Peltz to break up the industrial conglomerate by agreeing to spin off its building locks business.The company also revealed Monday that it will buy back $2 billion of its stock and increase its quarterly dividend by 31% starting early next year. The business realignment will narrow Ingersoll's focus to its heating and air conditioning equipment lines and industrial businesses that include power tools, air compressors and truck trailer refrigerators. The company's annual revenue is projected at $12 billion.The new security company, which will be a public company spun off to Ingersoll shareholders, will comprise commercial and residential lock brands that include Schlage, Dexter and Kryptonite. The new company is expected to have annual revenue of about $2 billion. The securities business accounts for about 14% of Ingersoll's current revenue."We believe the spinoff of the security business will improve value for bo...

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