International. Trane Technologies, formerly known as Ingersoll-Rand plc, announced that it has successfully completed the Morris Reversible Trust with Gardner Denver Holdings, Inc. ("Gardner Denver", now known as Ingersoll Rand Inc.).
The industrial segment of the formerly called Ingersoll-Rand plc has been separated and combined with Gardner Denver. The weather segment now operates as Trane Technologies and starts trading on the New York Stock Exchange under the new stock symbol "TT". To commemorate this milestone, employees around the world participated in local celebrations, and members of the Trane Technologies leadership team rang the NYSE opening bell on March 17, 2020.
"Trane Technologies begins its journey as an innovative company dedicated entirely to HVAC, partnering with our customers to address their sustainability challenges through heating, cooling and refrigerated transportation solutions," said Michael W. Lamach, president and chief executive officer of Trane Technologies. "Our world is facing unprecedented challenges of urbanization, scarcity of natural resources 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 continue to grow."
Through its strategic Trane and Thermo King brands, with 36,000 employees worldwide, Trane Technologies said it will continue to advance its sustainable commitments by 2030. These commitments are at the core of your business strategy and are designed to create a positive impact for society and enable top-notch financial performance for the company:
- The Gigaton Challenge: Reduce customers' carbon emissions by one gigaton by 2030;
- Leading by example: Commit to carbon neutral operations and zero garbage generation by 2030, and committing to return more water than used in water-scarce areas; and
- Opportunities for all: Create opportunities for everyone in our workplace. Our goals are to achieve gender equity in the leadership team; have diversity in the workforce, which reflects the communities we serve; and generate opportunities in our communities we serve, through investments in education and workforce development, housing and air conditioning for their comfort, well-being and healthy food.
Trane Technologies introduced a new logo and visual identity. Purple is the company's signature color, representing the union of Trane Technologies' strategic brands: Trane, red and Thermo King, blue.
Business model
Trane Technologies has a simpler organizational model and business segment structure to enhance its regional go-to-market capabilities. This model is designed to create a deep and relevant focus on the customer and markets around the world.
The company will operate its business and report its finances through a regional segment structure comprised of the Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific segments.
Trane Technologies will have business strategies within a structure of regional segments. The Americas will include three strategic business units (SBUs): commercial HVAC, residential HVAC, and refrigerated transportation. EMEA will comprise commercial HVAC and refrigerated transportation, and Asia Pacific will also comprise commercial HVAC and refrigerated transportation.
Additional details on closing terms
Under the previously disclosed terms of the transaction, on February 29, 2020, the separation of our Industrial segment businesses was completed through a spin-off of the 239 million common shares of our wholly-owned subsidiary, Ingersoll-Rand US HoldCo, Inc. ("Ingersoll Rand Industrial"), to its shareholders of record as of February 24, 2020, through a pro rata distribution Ingersoll Rand Industrial merged into a wholly-owned subsidiary of Gardner Denver.
At the close of the transaction, existing shareholders received 50.1% of Gardner Denver's common stock in fully diluted form, and Gardner Denver shareholders retained 49.9% of Gardner Denver's shares in fully diluted form. As a result of the transaction, shareholders received 0.8824 common shares of Gardner Denver with respect to each of our owned shares as of February 24, 2020.
Financial information
The Company will file Form 8-K on or before March 5, 2020, providing adjusted financial statements for Trane Technologies to present the Industrial segment as a discontinued transaction. In addition, prior to reporting its first quarter results, the Company expects to report adjusted financial information for calendar years 2018 and 2019 to present Trane Technologies' historical results based on new reportable segments.
