Ingersoll-Rand wants out of Dresser joint venture.(Dresser Industries Inc.)

Ingersoll-Rand Co. is offering to sell its 49 percent share in Dresser-Rand Co. to majority owner Dresser Industries Inc., a Halliburton Co. subsidiary.

Ingersoll-Rand, a manufacturer of industrial machinery and equipment in Woodcliff Lake, N.J., wants to sell its interest in both Dresser-Rand and also Ingersoll-Dresser Pump of Liberty Corner, N.J., another joint venture with Dresser. In Ingersoll-Dresser Pump, Ingersoll-Rand owns 51 percent while Dresser has 49 percent.

Dresser-Rand is the largest employer in the Southern Tier with almost 3,000 employees in production, design and engineering, marketing and sales. It's not known at this early stage if Dresser will accept either of …