US air conditioning and heating manufacturer Trane and transport refrigeration brand Thermo King have got separated from Ingersoll Rand. They have now become stand-alone businesses after the separation.
Under a Reverse Morris Trust transaction with Gardner Denver Holdings, the industrial segment of the former Ingersoll Rand has been separated and combined with Gardner Denver. The climate segment, with its Trane and Thermo King brands, now operates as Trane Technologies, and begins trading on the New York Stock Exchange.
“Trane Technologies begins its journey today as a pure-play climate innovation company, partnering with our customers to address their sustainability challenges through heating, cooling and transport refrigeration solutions,” said Michael W Lamach, Chairman and CEO of Trane Technologies.
“Today, 15 per cent of the world’s carbon emissions come from heating and cooling buildings, and another 10 per cent comes from global food loss. And these numbers are growing,” Lamach added.
He elaborated that the company excels where these global megatrends intersect with its innovation and advanced technologies for reducing carbon emissions from buildings, minimising waste of food and other perishable goods, and generating productivity for our customers. For sustainable future, Lamach said, Trane Technologies will deliver differentiated performance and create value for its employees, customers and shareholders.