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The purchase of Trane Co. by American Standard Inc....

LA CROSSE, Wis. -- The purchase of Trane Co. by American Standard Inc. of New York City is a $520 million transaction, financial experts told the Milwaukee Sentinel Tuesday.

The price was based on a $34 per share price for Trane stock.

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Meetings of shareholders of both companies have been called for March to approve the deal.

It was also reported that IC Industries Inc., Chicago, which had bought 24.5 percent of Trane stock in an apparent takeover bid, made $35 million on the sale of those shares to American Standard.

William Roth, chairman of Trane, said he had been looking for alternatives to an IC takeover, and that American had approached him as early as 1982, or about the time IC began to buy Trane stock.

William Marquard, chairman of American, called Trane 'an excellent company' that would fit into American's corporate structure. Roth called American 'a super company' with good people.

Marquard said Roth 'will continue to be the man in charge of Trane.'

Questions of seats on the American board and corporate titles will be decided later, he said.

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