Trane Technologies, formerly known as Ingersoll-Rand, has successfully completed its Reverse Morris Trust transaction with Gardner Denver Holdings, now known as Ingersoll Rand. The climate segment now operates as Trane Technologies, and has begun trading on the New York Stock Exchange under the new ticker symbol “TT.” The industrial segment of the former Ingersoll-Rand has been separated and combined with Gardner Denver.
“Trane Technologies begins its journey [...] 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 urbanisation, natural resource scarcity and climate change. Today, 15% of the world’s carbon emissions come from heating and cooling buildings, and another 10% comes from global food loss. And these numbers are growing.'
Mr Lamach added: “We excel where these global mega-trends 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.”