Ingersoll Rand / Trane Technologies Company’s Past
Trane Technologies is a holding company with its headquarters in Ireland that specializes in producing heating, ventilation, and air conditioning (HVAC) systems and refrigeration equipment. The company’s corporate history dates back more than 150 years, and it was formed as a result of a number of mergers and spin-offs in the past. In 2008, the manufacturer of the industrial tool Ingersoll Rand purchased Trane’s heating, ventilation, and air conditioning (HVAC) equipment. In the year 2020, the tools division of the company was separated and renamed Ingersoll Rand, and the remainder of the business was rebranded as Trane Technologies.
Merger Between Ingersoll Rand And Trane
The decision to move Ingersoll Rand’s headquarters from Bermuda to Ireland was put to a vote and approved by the shareholders in March 2009. The company made the announcement about the move in March 2009.
Atlas Copco, a Swedish company, acquired the Drilling Solutions business in July of 2004, making the transaction official. There were factories producing above ground rotary blasthole and deephole drilling machines in the United States, China, and Japan. Atlas Copco paid a total of US$225 million to acquire the business. The Drilling Solutions division was one of the original businesses started by the company.
In May of 2007, the company made the announcement that it was considering selling its Bobcat, utility equipment, and attachments divisions or spinning them off into a separate company. Following the completion of this transaction, Ingersoll Rand was only able to concentrate on the industrial technologies, climate control technologies, and security technologies markets. The transition from a diversified machinery label to a diversified industrial company was finished off with this step.
As part of its strategy to expand its business in the United States, the Swedish truck and construction equipment manufacturer Volvo disclosed in February 2007 that it had reached an agreement to acquire the road construction equipment division of the American company Ingersoll-Rand for a cash purchase price of $1.3 billion. The road division is responsible for the production and sale of asphalt paving equipment, compaction equipment, milling machines, and construction-related material handling equipment. In 2006, the road division generated approximately $850 million in net revenues from these activities. The sale included 20 distribution and service facilities across the United States, as well as manufacturing facilities in Pennsylvania, Germany, China, and India. The company is responsible for employing approximately 2,000 people across the globe. [source: missing citation]
On July 30, 2007, Ingersoll Rand made the announcement that it had sold its utility and attachment businesses to Doosan Infracore for the price of $4.9 billion. Doosan Infracore is a subsidiary of the South Korean conglomerate Doosan.
On December 17, 2007, Ingersoll Rand made public its intent to engage in a stock and cash transaction for the purpose of acquiring the HVAC supplier Trane. Trane’s stockholders gave their approval for the purchase, and the business unit in question was integrated into the climate control technologies division of the company. This division is further subdivided into commercial and residential business units, each of which reports directly to the chairman of the board. [5] The transaction was finalised on June 5th, 2008. [6]
On November 16, 2010, the company replaced Pactiv Corporation as a component of the S&P 500 Index. This change took effect immediately.
On December 2, 2013, Ingersoll Rand successfully completed the spinoff of its security hardware sector into a standalone business that was given the name Allegion. Allegion is responsible for maintaining commercial and residential security hardware brands such as Schlage, Von Duprin, LCN, Bricard, Interflex, Normbau, and CISA.
It was announced in August 2014 that Ingersoll-Rand would pay $850 million to acquire the centrifugal compression unit that Cameron International had been operating under.
In October of 2018, Ingersoll Rand received takeover interest in its power tools business. The power tools business was estimated to be worth up to $750 million in the event that it was sold. Power Tools is the most established company, but it generates the least amount of revenue; a decision regarding whether or not to sell this division has not yet been made.
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