Brussels, Belgium: Trane Technologies, the new name for Ingersoll-Rand, starts trading today.
The Industrial segment of former Ingersoll-Rand has been separated and combined with Gardner Denver. The Climate segment now operates as Trane Technologies, and begins trading today on the New York Stock Exchange.
The brand names Trane, Thermo King, and Frigoblock remain, and to a large extent, customers will not see an immediate difference. But the company change is significant, says Francesco Incalza, president, Thermo King Europe, Middle East and Africa.
“The new name is a clear statement of our strategic aim to focus on the climate segment with two of the world’s biggest brands in refrigeration,” he says, talking today exclusively to Global Cold Chain News.
“Trane Technologies is a pure-play climate innovation company, partnering with our customers to address their sustainability challenges through heating, cooling and transport refrigeration solutions,” he said
“By challenging what’s possible for a more sustainable future, Trane Technologies will deliver differentiated performance and innovate,” he says.
Through its Trane, Thermo King, and Frigoblock brands, the new company has an innovative portfolio of products that will allow it to advance its bold 2030 sustainability commitments, Incalza says.
“Trane Technologies is a global climate innovator. Through our strategic brands Trane and Thermo King, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation,” he says.
These commitments are central to its business strategy and designed to create positive impact for society and enable premier financial performance for the company. All the factories will be carbon neutral and produce zero waste to landfill by 2030.
Trane is also structured regionally to reflect the different standards and demands of markets and keep the customer focus strong. The company will operate through regional segment structure comprising the Americas segment, the Europe, Middle East and Africa segment, and the Asia Pacific segment. This will bring the businesses closer to the market, to customers and also to regulators, Incalza says.
Sales and marketing, product management, engineering, manufacturing, and distribution will be managed regionally, to meet the unique needs of customers by market, reduce lead times and efficiently manage the supply chain.
Within the regional units, Trane Technologies will have strategic business units. The Americas will include three strategic business units: Commercial HVAC, Residential HVAC and Transport Refrigeration. European and the middle east will comprise Commercial HVAC and Transport Refrigeration, and Asia Pacific also will comprise Commercial HVAC and Transport Refrigeration.
“With a more focused organisation and business model, we are even better positioned to meet the pressing need for innovation in energy efficiency and sustainability. 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.”
He cites as an example the Thermo King E-200 all-electric units for vans and trucks below 3,5 tonnes. The unit has all new components: compressor, evaporator, and condenser. Frigoblock brings to the entire range of the company huge market possibilities in all-electric systems.
Thermo King has adapted the Frigoblock technology for its SLXi Hybrid trailer applications. The Thermo King SLXi Hybrid uses a Frigoblock EnviroDrive, a generator installed on the tractor engine, and an inverter-drive system to provide constant electric power and operate in electric mode both when connected to a three-phase power supply at the loading dock and while driving on the road.
The technology allows for all deliveries to be performed with the refrigeration unit’s diesel engine turned off for minimum impact on the cities’ or stores’ environments. This offers a unique flexibility to transport companies, as the diesel engine can be restarted whenever needed and allows the unit to keep its full autonomy at all times.
A large French operator is using a CNG and LNG powered Daf tractors with Frigoblock units to prove that emission free refrigeration is economically viable for a major supermarket chain.
Thermo King will bring new technologies to the market with new products promised for Europe on show at the IAA in Germany later this year, Incalza says.
He predicts that within a decade truck refrigeration systems will be all electric. Already 60% of Thermo King’s production is of electric systems and it has some 20,000 electric products in operation in Europe alone. Eutectic and cryogenic systems will remain niche solutions as mainstream users opt for electrics as the most effective and financially viable alternative to diesel, he says. For many continental operators eutectic and cryogenic systems will act as a transitional technology and within ten years they are likely to opt for electric systems, he says.
About the Trane change
Ingersoll Rand announces in February details of its planned spin-off and subsequent merger of its industrial segment. Trane Technologies, formerly known as Ingersoll-Rand, today completed its Reverse Morris Trust transaction with Gardner Denver Holdings, now known as Ingersoll Rand.
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 begins trading today on the New York Stock Exchange under the new ticker symbol TT.
“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% 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.
Lamach said, “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. 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.”
Through its brands Trane and Thermo King, its innovative portfolio of products and services, and 36,000 engaged employees worldwide, Trane Technologies will continue to advance its bold 2030 sustainability commitments. These commitments are central to its business strategy and designed to create positive impact for society and enable premier financial performance for the company:
• The Gigaton Challenge: Reducing customers’ carbon emissions by one gigaton by the year 2030
• Leading by Example: Committing to carbon-neutral operations and zero waste to landfills by 2030, and pledging to give back more water than used in water stressed areas; and,
• Opportunity for All: Creating opportunity for all in our workplace, with goals to achieve gender parity in leadership and workforce diversity that reflects the communities we serve; and opportunity in our communities, through investments in education and workforce development, housing and cooling comfort, wellness and healthy food.
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.
