Trane Technologies

Last updated

Trane Technologies plc
FormerlyIngersoll-Rand plc
Company type Public
ISIN IE00B6330302
IndustryEquipment manufacturing
Founded1871;153 years ago (1871)
Headquarters
Swords
,
Ireland
Key people
Dave Regnery (chairman, president & CEO)
Products
RevenueIncrease2.svg US$17.68 billion (2023)
Increase2.svgUS$2.894 billion (2023)
Increase2.svgUS$2.024 billion (2023)
Total assets Increase2.svgUS$19.39 billion (2023)
Total equity Increase2.svgUS$6.995 billion (2023)
Number of employees
40,000 (2023)
Divisions
Website tranetechnologies.com
Footnotes /references
Financials as of 31 December 2023.
References: [1]

Trane Technologies plc is an American-Irish domiciled company focused on heating, ventilation, and air conditioning (HVAC) and refrigeration systems. The company traces its corporate history back more than 150 years and was created after a series of mergers and spin-offs. In 2008, HVAC manufacturer Trane was acquired by Ingersoll Rand, a US industrial tools manufacturer. In 2020, the tools business was spun off as Ingersoll Rand and the remaining company was renamed Trane Technologies.

Contents

History

History of Ingersoll Rand

Simon Ingersoll founded Ingersoll Rock Drill Company in 1871 in New York, and in 1888, it combined with Sergeant Drill to form Ingersoll Sergeant Drill Company. The Ingersoll Sergeant Drill Company introduced the world's first direct-connected, electric motor-driven compressor. Also in 1871, brothers Addison Rand and Jasper Rand, Jr. established Rand Drill Company with its main manufacturing plant in Tarrytown, New York. In 1905, the Ingersoll-Sergeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand.

In 2002, shareholders voted to move the company's incorporation to Bermuda to capitalize on the savings on U.S. corporate income taxes on products sold overseas. Moving the company on paper cost only US$27,000 per year, with tax savings estimated at US$40 million annually. [2]

History of Trane

In 1885, James Trane, a Norwegian immigrant, opened his own plumbing and pipe-fitting shop in La Crosse, Wisconsin. He designed a new type of low-pressure steam heating system, Trane vapor heating. Reuben Trane, James' son, earned a mechanical engineering degree in 1910 and joined his father's plumbing firm. [3] In 1913, James and Reuben incorporated The Trane Company. By 1916, the Tranes focused their attention on manufacturing heating products. Reuben's invention of the convector radiator in 1923, which replaced the heavy, bulky, cast-iron radiators that prevailed at the time, was a major success. Trane's first air conditioning unit was developed in 1931.

In 1984, Trane was acquired by the American Standard Companies. The company was broken up in 2007, with the remaining business renamed Trane. Shortly after, in 2008, Trane was acquired by Ingersoll Rand.

After the Ingersoll Rand and Trane merger

Ingersoll Rand announced in March 2009 its intention to relocate its offices from Bermuda to Ireland, a decision which shareholders approved in a vote. [4]

In July 2004, the Drilling Solutions business was sold to the Swedish company Atlas Copco. This included factories in United States, China, Japan making above ground rotary blasthole and deephole drilling machines. Atlas Copco purchased the company for US$225M. Drilling Solutions was a legacy business from the company's founding.

In May 2007, the company announced it was looking into a sale or spin-off of its Bobcat, utility equipment, and attachments divisions. With this divestiture, Ingersoll Rand was left with the industrial technologies, climate control technologies, and security technologies sectors. This completed the transformation from the diversified machinery label to a diversified industrial company.

In February 2007, Volvo, a Swedish truck and construction equipment manufacturer, announced its agreement to buy the road construction equipment division of Ingersoll-Rand for $1.3 billion in cash to expand its operations in the United States. The road unit manufactures and sells asphalt paving equipment, compaction equipment, milling machines and construction-related material handling equipment and generated net revenues of approximately $850 million for 2006. The sale included manufacturing facilities in Pennsylvania, Germany, China and India, as well as 20 distribution and service facilities in the United States. The business employs approximately 2,000 people worldwide.[ citation needed ]

On 30 July 2007, Ingersoll Rand announced that the utility and attachment businesses had been sold to Doosan Infracore, part of the South Korean chaebol Doosan, for US$4.9 billion. [5]

On 17 December 2007, Ingersoll Rand announced an offer to purchase HVAC supplier Trane, in a stock and cash transaction. The purchase was approved by Trane's stockholders, and the unit became a part of the climate control technologies business, which is divided into commercial and residential business units, each reporting directly to the chairman. [6] The sale was completed on 5 June 2008. [7]

On 16 November 2010, the company became a constituent of the S&P 500 Index, replacing Pactiv Corporation. [8]

On 2 December 2013, Ingersoll Rand completed the spinoff of its security hardware sector into a standalone business named Allegion, which maintains commercial and residential security hardware brands such as Schlage, Von Duprin, LCN, Bricard, Interflex, Normbau and CISA. [9]

In August 2014, it was announced that Ingersoll-Rand would acquire the centrifugal compression unit of Cameron International for $850 million. [10]

In October 2018, Ingersoll Rand received takeover interest in its power tools business, which was slated to be worth up to $750 million in a potential sale. Power Tools is the oldest business with the least revenue, and the decision of whether to sell this unit or not has not been announced. [11]

Spin-off of Ingersoll Rand

In 2020 Ingersoll Rand sold its non-refrigeration businesses via a Reverse Morris Trust transaction to Gardner Denver, rebranding themselves as Trane Technologies and focusing on their Commercial HVAC, Residential HVAC (Trane) and Refrigeration Transport businesses (Thermo King). [12]

Corporate affairs

Trane Technologies's headquarters are in Swords, Ireland. Its European headquarters are in Sint-Stevens-Woluwe, Zaventem, Belgium. Its Asia headquarters are in Tower B of City Center of Shanghai in Shanghai, People's Republic of China. Its North American headquarters are in Davidson, North Carolina. [13] [14]

Brands and subsidiaries

The company's brands and subsidiaries include:

See also

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References

  1. ↑ "Trane Technologies Plc 2023 10-K Annual Report". U.S. Securities and Exchange Commission. 8 February 2024. Retrieved 24 March 2024.
  2. ↑ Johnston, David Cay (18 February 2002). "U.S. Corporations are Using Bermuda to Slash Tax Bills". The New York Times. Retrieved 5 May 2023.
  3. ↑ Trane Culture » Our History (Trane Inc.) Archived 8 April 2013 at the Wayback Machine
  4. ↑ "Ingersoll Rand moving from Bermuda to Ireland". Market Watch. 5 March 2009. Retrieved 22 September 2009.
  5. ↑ Ingersoll-Rand to Sell its Bobcat, Utility Equipment and Attachments Business Units for $4.9 Billion Archived 12 October 2007 at the Wayback Machine , Ingersoll-Rand website, assessed 31 July 2007.
  6. ↑ "Heating and Air Conditioning Services & Systems -Trane". Archived from the original on 6 April 2013. Retrieved 19 July 2016.
  7. ↑ "Ingersoll Rand Completes Acquisition of Trane (NYSE:IR)". Archived from the original on 28 July 2014. Retrieved 19 July 2016.
  8. ↑ "Contact Us – Ingersoll Rand". Archived from the original on 11 April 2011. Retrieved 8 October 2014.
  9. ↑ "Ingersoll Rand Completes Spinoff of Allegion". Archived from the original on 14 October 2014. Retrieved 8 October 2014.
  10. ↑ "Ingersoll-Rand to buy Cameron International unit for $850 million" (Press release). Reuters. 19 August 2014.
  11. ↑ "Ingersoll-Rand Gets Buyer Interest in Power Tools Unit". Bloomberg.com. 25 October 2018. Retrieved 14 October 2020.
  12. ↑ "Trane Technologies Completes Reverse Morris Trust Transaction and Begins Trading Today on NYS". Businesswire.com. 2 March 2020. Retrieved 9 November 2021.
  13. ↑ "Contact Us Archived 2 January 2011 at the Wayback Machine ." Ingersoll Rand. Retrieved on 18 January 2011. "Global Headquarters 170/175 Lakeview Drive Airside Business Park Swords, Co. Dublin Ireland." "North America Headquarters 800-E Beaty Street Davidson, NC 28036 USA" "Europe Headquarters Alma Court Building Lenneke Marelaan 6 1932 Sint-Stevens-Woluwe Belgium" "Asia Headquarters 10/F, Tower B, City Center of Shanghai 100 Zun Yi Road Shanghai 200051 People’s Republic of China"
  14. ↑ "Davidson Streets." City of Davidson. Retrieved on 18 January 2011.
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