International. Ingersoll Rand announced Trane Technologies as its new specialty weather brand. The brand is expected to trade on the New York Stock Exchange under the ticker "TT".
Through its strategic brands, Trane and Thermo King, and its portfolio of innovations focused on climate control technologies, Trane Technologies will create efficient and sustainable solutions for buildings, housing and transportation.
"Global megatrends are propelling the air conditioning and heating industry to the forefront of the global agenda," said Michael W. Lamach, President and Chief Executive Officer of Ingersoll Rand and Trane Technologies. "We stand out where these megatrends are combined with our advanced technologies and powerful innovation. Building on our leadership in sustainability, Trane Technologies will redefine the status quo of 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 bring customer value, business operations that generate productivity and excellence in execution, and a winning culture that allows people to give their best. As a global leader in the climate market, 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 to shareholders, customers and employees."
Trane Technologies will continue to pursue Ingersoll Rand's aggressive sustainability goals announced for 2030 and designed to create a positive impact on society and be a high-performing company. These commitments include:
The gigaton challenge, which is to reduce our customers' carbon emissions by one gigaton by 2030. One gigaton is equivalent to the annual emissions of Italy, France and the UK as a whole, i.e. around 2% of the world's annual emissions.
Lead by example to ensure our operations have less impact on the environment, including achieving carbon-neutral operations and zero waste in landfills, and restoring more water than we use in water-stressed areas.
Opportunity for everyone in our workplace, with the goal of achieving gender parity in leadership and workforce diversity. We will also improve opportunities in our communities through investments in education and workforce development, access to housing and comfort, as well as food and nutrition for populations most in need.
For more information on Trane Technologies' name and strategy at www.tranetechnologies.com.
Trane Technologies Executive Leadership Team
Trane Technologies' executive leadership team went into effect on January 1, 2020 for the closing of the Reverse Morris Trust (RMT) transaction, and will report directly to Mike Lamach, President and Chief Executive Officer.
Dave Regnery has been named President and Chief Operating Officer. The following executives will oversee Trane Technologies' company-wide functions in terms of strategy, people, culture and governance as the company prepares for its separation from Ingersoll Rand, and continued leadership within the new company:
- Marcia Avedon, Executive Vice President and Chief Human Resources, Marketing and Communications Officer;
- Paul Camuti, Executive Vice President and Chief Technology and Strategy Officer;
- Sue Carter, Senior Vice President and Chief Financial Officer, who, as previously announced, has announced her planned retirement in conjunction with the closing of the RMT transaction, in early 2020. At that time, he will be succeeded by Chris Kuehn, who is currently Vice President and Chief Accounting Officer;
- Ray Pittard, leader in Transformation and Execution of Excellence of the company; and
- Evan Turtz, Senior Vice President and General Counsel.
"With the support of this strong leadership team, I look forward to leading Trane Technologies into the future. Together, we will deliver on our strategy and commitments, for the benefit of our employees, customers and shareholders. We are encouraged by the great progress we are making in closing our transaction and are confident of Trane Technologies' success."
