Ingersoll-Rand has changed its company name, strategy and executive leadership team.
The climate company will be named Trane Technologies elevating its Trane brand and maintaining a strategic focus on innovation, its Thermo King brand, and portfolio of sustainable solutions for buildings, homes and transportation.
In April 2019, Ingersoll Rand and Gardner Denver announced a definitive agreement whereby Ingersoll Rand would separate its industrial segment and combine it with Gardner Denver.
Upon the completion of the transaction, the remaining HVAC and transport refrigeration assets of the current Ingersoll Rand will become Trane Technologies.
The company name change is subject to shareholder approval and is expected to be effective around the completion of its Reverse Morris Trust (RMT) transaction in early 2020.
Chair and CEO of the current Ingersoll Rand and future Trane Technologies, Michael W. Lamach, said the new company will have greater focus, more targeted investments and a simplified business model in a bid to increase speed and agility and deliver value for shareholders, customers and employees.
Trane Technologies will continue to aggressively pursue Ingersoll Rand’s previously announced 2030 sustainability targets, including plans to reduce its customers’ carbon emissions by one gigaton by the year 2030.
A gigaton is equivalent to the annual emissions of Italy, France and the United Kingdom combined – or about 2% of the world’s annual emissions.
Details of the new executive team and more information about Trane Technologies’ name and strategy can be accessed at www.tranetechnologies.com