PTV Pactiv Corp.

   DOW JONES NEWSWIRES 
 

Standard & Poor's said it will add diversified manufacturer Ingersoll-Rand Co. (IR) to its S&P 500 index after the close of trading on Nov. 16 to replace Pactiv Corp. (PTV), which is set to be acquired by New Zealand's Rank Group Ltd.

Ingersoll-Rand will be added to the S&P 500 Industrial Machinery Sub-Industry index.

Ingersoll-Rand last month reported its third-quarter profit rose 7% despite increased charges, while revenue improved in most of its businesses.

Shares jumped 5.7% to $43.50 in after-hours trading. The shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index. To do that, they must buy shares of the companies that become part of it.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com