EXHIBIT 99.1

Contact: Paul Dickard (Media Contact)
         (201) 573-3120

         Joseph Fimbianti (Analyst Contact)
         (201) 573-3113

Ingersoll-Rand to Sell its Engineered Solutions Business to Timken

Hamilton, Bermuda, October 16, 2002 -- Ingersoll-Rand Company Limited
(NYSE:IR), a leading diversified industrial firm, today announced that it has
agreed to sell its Engineered Solutions business to The Timken Company for
approximately $840 million. The purchase price consists of $700 million in
cash and $140 million in Timken common stock.

The sale, which is subject to government regulatory approvals and debt and
equity financing, is targeted to close by the end of the first quarter of
2003. The sale of certain French operations, including Nadella S.A., is
subject to an offer to purchase and to required consultation procedures with
the relevant French works councils.

Engineered Solutions comprises Ingersoll-Rand's worldwide operations relating
to precision bearings and motion-control components and assemblies, and
includes the Torrington, Fafnir, Kilian, Nadella and IRB brands. It had 2001
revenues of $1.1 billion, employs approximately 10,500 people and operates 27
plants throughout the world.

Engineered Solutions had reported operating earnings of $63.8 million for the
nine months ended September 30, 2002. In accordance with applicable accounting
principles, the results of Engineered Solutions will be reclassified to
discontinued operations for 2002 and preceding years.

"The Engineered Solutions business has been a strong contributor to
Ingersoll-Rand's success," said Herbert L. Henkel, chairman, president and
chief executive officer. "The business is a market leader with a strong cadre
of dedicated, professional employees. I am confident that Engineered Solutions
will continue its strong performance, which will be significantly enhanced by
being part of a company providing complementary products and solutions to
global customers."

Salomon Smith Barney advised Ingersoll-Rand in this transaction.

This news release includes "forward-looking statements" that involve risks and
uncertainties, which could cause actual results to differ materially from
those anticipated in the forward-looking statements. Economic conditions,
regulatory approvals, availability of financing and other factors could impact
Ingersoll-Rand or Timken and the timing or completion of the sale. Additional
information regarding risk factors and uncertainties is detailed from time to
time in the company's SEC filings, including but not limited to its report on
Form 10-Q for the three months ended June 30, 2002.

Ingersoll-Rand is a leading innovation and solutions provider for the major
global markets of Security and Safety, Climate Control, Industrial Solutions
and Infrastructure. The company's diverse product portfolio encompasses such
leading industrial and commercial brands as Schlage locks and security
solutions; Thermo King transport temperature control equipment;


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Hussmann commercial and retail refrigeration equipment; Bobcat
compact equipment; Club Car golf cars and utility vehicles; Torrington
bearings and components; PowerWorks microturbines; and Ingersoll-Rand
industrial and construction equipment. In addition, IR offers products and
services under many more premium brands for customers in industrial and
commercial markets. Further information on IR can be found on the company's
web site at www.irco.com.



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