US air conditioning and heating manufacturer Trane and transport refrigeration brand Thermo King are once again stand-alone businesses after separation from Ingersoll-Rand. Under a Reverse Morris Trust transaction with Gardner Denver Holdings, the Industrial segment of the former IngersollRand plc 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 today on the New York Stock Exchange.

To commemorate this milestone, employees worldwide are engaging in local celebrations, and members of Trane Technologies’ leadership team will ring the NYSE opening bell on March 17.

“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. “We excel where these global megatrends intersect with our innovation and advanced technologies for reducing carbon emissions from buildings, minimising waste of food and other perishable goods, and generating productivity for our customers. By challenging what’s possible for a more sustainable future, Trane Technologies will deliver differentiated performance and create value for our employees, customers and shareholders.”

Trane Technologies says it has created a simpler organisational model and business segment structure “to enhance its regional go-to-market capabilities”. This model, it says, is designed to create deep customer focus and relevance in markets around the world.