Trane Technologies

Trane Technologies plc (formerly Ingersoll-Rand plc) is an American Irish-domiciled diversified industrial manufacturing company formed in 1905 by the merger of Ingersoll-Sergeant Drill Company and Rand Drill Company. It is headquartered near Dublin, Ireland.

This article is about the Irish-domiciled company formerly known as Ingersoll-Rand plc. For the American company currently known as Ingersoll Rand Inc., see Ingersoll Rand.

Trane Technologies plc
FormerlyIngersoll-Rand plc
TypePublic
ISINIE00B6330302
IndustryConglomerate
Founded1871 (1871)
FounderSimon Ingersoll
HeadquartersSwords, Ireland
Number of locations
more than 99 manufacturing facilities worldwide
Key people
Michael Lamach, chairman, president & CEO
ProductsStationary refrigeration
Transport refrigeration
Residential air conditioning
Commercial air conditioning
Revenue US$13.3 billion (2015)[1]
US$1.4 billion (2015)[1]
US$707.1 million (2015)[1]
Total assets US$16.7 billion (2015)[1]
Total equity US$5.8 billion (2015)[1]
Number of employees
50,000 (2020)[2]
DivisionsClimate solutions
Residential solutions
Websitetranetechnologies.com

While known as Ingersoll Rand, the company has been a constituent of the S&P 500 Index since 2010, replacing Pactiv Corporation on 16 November 2010.[3]

History

Early years
Ingersoll-Sergeant steam drill used in mining in the late 1800s

In 1871, Simon Ingersoll (1818–1894) founded Ingersoll Rock Drill Company in New York,[4] and in 1888 it combined with Sergeant Drill to form Ingersoll Sergeant Drill Company. Also in 1871, brothers Addison Rand (1841–1900) and Jasper Rand, Jr. (1837–1909) established Rand Drill Company with its main manufacturing plant in Tarrytown, New York. Rand drills cleared New York's treacherous Hell Gate channel and were used in the construction of water aqueducts for New York City and Washington, D.C., and tunnels in Haverstraw and West Point, New York, and in Weehawken, New Jersey.[5] In 1905 Ingersoll-Sergeant Drill Company merged with the Rand Drill Company to form Ingersoll Rand. Ingersoll Rand has grown largely by acquisition since that time.

Diesel engines

In the 1920s, Ingersoll Rand supplied diesel engines for locomotives built by both General Electric and ALCO.[6]

21st century

In October 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 a tax savings estimated at US$40 million. Ingersoll Rand announced in March 2009 its intention to relocate its offices from Bermuda to Ireland, a decision which shareholders approved in a vote.[7]

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.

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.[8]

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.[9] The sale was completed on 5 June 2008.[10]

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.[11]

In August 2014, it was announced that Ingersoll-Rand would acquire the centrifugal compression unit of Cameron International for $850 million.[12]

In September 2017, the Asthma and Allergy Foundation of America and Allergy Standards Limited[13] announced that the Trane CleanEffects™ whole home air cleaner from Ingersoll Rand has earned the Asthma and Allergy Friendly Certification. This is the first whole home air cleaner to receive this Certification.[14]

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 least revenue, and the decision of whether to sell this unit or not has not been announced.[15]

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.[16][17]

Brands and subsidiaries

The company's list of brands and subsidiaries include:

  • Ameristar - HVAC equipment
  • Service First (SF) – HVACR parts
  • Thermo King – Refrigeration units for transport industry, HVAC units for Buses and Trains
  • Trane – HVAC equipment (includes American Standard HVAC products).

See also

References
  1. "IR Income Statement - Ingersoll-Rand plc (Ireland) Stock - Yahoo Finance". finance.yahoo.com.
  2. https://www.forbes.com/companies/trane-technologies/#60e693653327
  3. "Contact Us - Ingersoll Rand". Archived from the original on 11 April 2011. Retrieved 8 October 2014.
  4. "Daniel Russell - The Ingersoll Rock Drill". Manufacturer and Builder Magazine. July 1879. Retrieved 8 June 2011.
  5. The National Cyclopaedia of American Biography. 11. New York: James T. White & Company. 1901. p. 265. Retrieved 26 February 2015.
  6. Grant, H. Roger (24 July 2018). The Railroad: The Life Story of a Technology. Greenwood Publishing Group. ISBN 9780313330797 – via Google Books.
  7. "Ingersoll Rand moving from Bermuda to Ireland". Market Watch. 5 March 2009. Retrieved 22 September 2009.
  8. Ingersoll-Rand to Sell its Bobcat, Utility Equipment and Attachments Business Units for $4.9 Billion, Ingersoll-Rand website, assessed 31 July 2007.
  9. "Heating and Air Conditioning Services & Systems -Trane". Archived from the original on 6 April 2013. Retrieved 19 July 2016.
  10. "Ingersoll Rand Completes Acquisition of Trane (NYSE:IR)". Archived from the original on 28 July 2014. Retrieved 19 July 2016.
  11. "Ingersoll Rand Completes Spinoff of Allegion". Archived from the original on 14 October 2014. Retrieved 8 October 2014.
  12. "Ingersoll-Rand to buy Cameron International unit for $850 million" (Press release). Reuters. 19 August 2014.
  13. "Allergy Standards Website". Retrieved 12 June 2018.
  14. "Trane® CleanEffects™ Air Cleaner Is the First Certified asthma & allergy friendly® Whole Home Air Cleaner Option" (Press release). GlobeNewswire. 21 September 2017.
  15. "Ingersoll-Rand Gets Buyer Interest in Power Tools Unit". Bloomberg.com. 25 October 2018. Retrieved 14 October 2020.
  16. "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"
  17. "Davidson Streets." City of Davidson. Retrieved on 18 January 2011.
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