Trane Technologies Completes Reverse Morris Trust Transaction and Begins Trading on NYSE
Company leaders will ring NYSE opening bell in mid-March
SWORDS, Ireland — Trane Technologies plc (the “Company”), formerly known as Ingersoll-Rand plc, announced that it has successfully completed its Reverse Morris Trust transaction with Gardner Denver Holdings Inc. (“Gardner Denver,” now known as Ingersoll Rand Inc.).
The Industrial segment of the former Ingersoll-Rand plc has been separated and combined with Gardner Denver. The Climate segment now operates as Trane Technologies, and began trading on the New York Stock Exchange under the new ticker symbol “TT” on March 2. To commemorate this milestone, employees worldwide engaged in local celebrations, and members of Trane Technologies’ leadership team will ring the NYSE Opening Bell on March 17, 2020.
“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 chief executive officer of Trane Technologies. “Our world is contending with unprecedented challenges of urbanization, natural resource scarcity and climate change. Today, 15 percent of the world’s carbon emissions come from heating and cooling buildings, and another 10 percent comes from global food loss. And these numbers are growing.
“We excel where these global megatrends intersect with our innovation and advanced technologies for reducing carbon emissions from buildings, minimizing waste of food and other perishable goods, and generating productivity for our customers,” said Lamach. “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 debuted a new logo and visual identity, which reflect its commitment to meeting the global demand for innovation in sustainability through action. Purple is the company’s signature color, representing the union of Trane Technologies’ strategic brands: Trane® red and Thermo King® blue.
A Simplified Business and Organizational Model
Trane Technologies has a simpler organizational model and business segment structure to enhance its regional go-to-market capabilities. This model is designed to create deep customer focus and relevance in markets around the world.
The company will operate its business and report its financials through a regional segment structure comprised of the Americas segment, the Europe, Middle East and Africa (EMEA) segment, and the Asia Pacific segment.
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“With a more focused organization and business model, we are even better positioned to meet the pressing need for innovation in energy efficiency and sustainability,” said Lamach. “By building on our strengths, investing in our people and empowering through a proven business operating system that generates productivity and execution excellence, we will push the boundaries of what’s possible for the benefit of all our stakeholders.”
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