Ingersoll Rand Introduces Future Climate Company, Trane Technologies

• Company to be named Trane Technologies plc, elevating market leading Trane® brand and celebrating the power of technological innovation

• Trane Technologies’ executive leadership team, reporting to Chairman and CEO Michael W. Lamach, to be effective January 1, 2020, in readiness for the close of the Reverse Morris Trust transaction

December 11, 2019 08:00 AM Eastern Standard Time

SWORDS, Ireland--(BUSINESS WIRE)--Ingersoll-Rand plc (NYSE: IR) today introduced its pure-play climate company, announcing the new company name, strategy and executive leadership team.

“Dave has done an outstanding job leading both our Climate and Industrial segments over the past two years. His success, extensive knowledge of our businesses and operations and passion for our customers make this expanded role a logical step”

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The climate company will be named Trane Technologies plc,1 elevating its market leading Trane® brand and celebrating the power of technological innovation. Trane Technologies will be a global leader in climate control and is expected to trade on the New York Stock Exchange under the ticker “TT.” Through its strategic brands, Trane® and Thermo King®, and portfolio of climate-focused innovations, Trane Technologies will create efficient and sustainable solutions for buildings, homes and transportation.

“Global megatrends are pushing climate action to the forefront of the world’s agenda,” said Michael W. Lamach, chairman and CEO of the current Ingersoll Rand and of the future Trane Technologies. “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.”

Lamach added: “Our focus will be on sustainable businesses that directly address these megatrends and create customer value, a proven business operating system that generates productivity and execution excellence and a winning culture that empowers people to deliver their best. 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.”

Trane Technologies will continue to aggressively pursue Ingersoll Rand’s previously announced 2030 sustainability targets, designed to create positive impact for society and enable a premier performing company. These commitments include:

• The Gigaton Challenge  to reduce our 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.

• Leading by Example  to ensure that our operations have a restorative impact on the environment including achieving carbon-neutral operations and zero waste to landfill, and giving back more water than we use in water-stressed areas.

• Opportunity for All  in our workplace, with goals to achieve gender parity in leadership and workforce diversity reflective of our communities. We also will enhance opportunity in our communities through investments in education and workforce development, access to housing and comfort and food and nutrition for under-served populations.

More information about Trane Technologies’ name and strategy can be accessed at www.tranetechnologies.com.

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Taxonomy

• Climate Change
• Climate Change Adaptation
• Climate Change Resilience