Trane Technologies is new name of IR climate control business
IRELAND: Trane Technologies is the new name for Ingersoll-Rand’s Trane and Thermo King air conditioning, refrigeration and heating businesses following the spin off of its industrial interests.
Trane Technologies will trade on the New York Stock Exchange under the ticker “TT”.
“As a global leader in climate markets, Trane Technologies will have greater focus, more targeted investments and a simplified business model that will allow us to increase speed and agility and deliver value for shareholders, customers and employees,” commented Michael W Lamach, chairman and CEO of the current Ingersoll Rand and of the future Trane Technologies.
The move follows Ingersoll-Rand’s announcement in April that it would spin off its Industrial business to US industrial equipment manufacturer Gardner Denver. This included its air compressor, pumps, and fluid and materials handling systems businesses.
“Global megatrends are pushing climate action to the forefront of the world’s agenda,” said Lamach. “We excel where these megatrends intersect with our advanced technologies and powerful innovation. Building on our leadership in sustainability, Trane Technologies will redefine the status quo for our industry and challenge what is possible for our customers and the world.”
New leadership team
Ingersoll-Rand has also announced its new Trane Technologies leadership team, effective from January 1, 2020.
In addition to chairman and CEO Mike Lamach, the new management team sees Dave Regnery, currently executive vice president of Ingersoll Rand’s climate and industrial segments becoming president and chief operating officer.
Other appointments as Trane Technologies prepares for its separation from Ingersoll Rand include Marcia Avedon as executive vice president and chief human resources, marketing and communications officer and Paul Camuti as executive vice president and chief technology and strategy officer.
Senior vice president and chief financial officer, Sue Carter, who has announced her retirement when the transaction closes will be succeeded by Chris Kuehn, who currently serves as vice president and chief accounting officer.
Ray Pittard becomes leader of the company’s transformation and execution excellence and Evan Turtz as senior vice president and general counsel.
IR spin off gives focus to Trane and Thermo King – 30 April 2019
USA/IRELAND: Ingersoll Rand will focus on its Trane and Thermo King air conditioning, refrigeration and heating brands following the decision to spin off its Industrial business to Gardner Denver. Read more…