Trane Technologies

Simon Ingersoll received a rock drill patent in 1871, and Addison Rand formed the Rand Drill Company. Through Michael P. Grace, the businesses were combined and incorporated as the Ingersoll-Rand Company in June 1905.⁠[1]

In 1885 James Trane opened a plumbing shop in La Crosse, Wisconsin. He and his son Reuben incorporated The Trane Company in 1913, Reuben’s convector radiator established its reputation as an innovator, and in 1938 it launched the industry’s first hermetic centrifugal refrigeration machine. American Standard Companies acquired Trane in 1984 and split its three businesses in 2007.⁠[2]

In 1997 Ingersoll-Rand bought Thermo King from Westinghouse Electric Corp. for $2.56 billion in cash. Herbert Henkel became chief executive in 1999, and refrigeration maker Hussmann International was acquired in June 2000 in a $1.7 billion deal.⁠[1]

On October 31, 2007, the U.S. Securities and Exchange Commission announced a settlement with Ingersoll-Rand over $963,148 in kickbacks four subsidiaries paid on sales to Iraq under the U.N. Oil for Food Program. Without admitting or denying the allegations, the company agreed to pay sums including a $1.95 million civil penalty, plus a $2.5 million fine under a Justice Department deferred prosecution agreement.⁠[3]

On June 5, 2008, Ingersoll Rand completed its acquisition of Trane. Holders of Trane’s approximately 200 million common shares received $36.50 in cash and 0.23 Ingersoll Rand shares per Trane share. Chief executive Herbert L. Henkel said, “The acquisition of Trane represents a major milestone in the history of Ingersoll Rand.”⁠[4]

The company projected pro forma 2008 revenues of $17 billion, about $11 billion of them from comfort and climate control businesses and about $3 billion each from industrial and security businesses.⁠[5]

On March 5, 2009, Ingersoll Rand announced that its board had approved a reorganization of the company from Bermuda to Ireland, under which Irish-incorporated Ingersoll-Rand plc would replace Ingersoll-Rand Company Limited, subject to approval by shareholders and the Supreme Court of Bermuda. The company said it did not expect a material impact on its financial operations.⁠[6]

The reorganization was completed on July 1, 2009, before trading opened on the New York Stock Exchange. The former Bermuda parent became a wholly owned subsidiary of Ingersoll-Rand plc, and the shares continued to trade under the symbol IR.⁠[7]

On February 3, 2010, the board elected Michael W. Lamach, then president and chief operating officer, as president and chief executive officer, effective immediately. Herbert L. Henkel, previously chairman and CEO, remained full-time chairman through the June 2010 annual meeting, when he was to retire.⁠[8]

On December 1, 2013, Ingersoll Rand distributed shares of its security business, Allegion, at a ratio of one Allegion share for every three Ingersoll Rand shares, and Allegion listed on the New York Stock Exchange. Ingersoll Rand then concentrated on its Industrial and Climate businesses.⁠[9]

On April 30, 2019, Gardner Denver and Ingersoll Rand announced a Reverse Morris Trust transaction to spin off Ingersoll Rand’s Industrial segment and combine it with Gardner Denver. The combined company, expected to be called Ingersoll Rand and led by Gardner Denver CEO Vicente Reynal, would be 50.1% owned by Ingersoll Rand shareholders, and the remaining climate company would receive $1.9 billion in cash and be renamed.⁠[10]

On February 29, 2020, the company completed the transaction with Gardner Denver Holdings. Its Industrial business merged into a Gardner Denver subsidiary renamed Ingersoll Rand Inc., and shareholders received 0.8824 of its shares per company share.⁠[11]

On March 2, 2020, the former Ingersoll-Rand plc began trading on the New York Stock Exchange as Trane Technologies under the new ticker TT, with Michael W. Lamach as chairman and chief executive officer.⁠[12]

In June 2020 the subsidiaries Aldrich Pump LLC and Murray Boiler LLC filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte, seeking a trust under section 524(g) of the Bankruptcy Code, and all asbestos-related lawsuits against them were stayed. On December 28, 2023, the court denied motions to dismiss the cases.⁠[13]

A May 1, 2020, internal restructuring had made them responsible for certain subsidiaries’ asbestos liabilities. They filed on June 18, 2020, and were deconsolidated as of that date.⁠[11]

The company has reached an agreement in principle with the court-appointed legal representative of future asbestos claimants, and the cases remained pending as of February 5, 2026.⁠[14]

On June 4, 2021, Trane Technologies announced that president and chief operating officer Dave Regnery would become chief executive officer and join the board on July 1, 2021, while Lamach, CEO since February 2010, would serve as executive chair until his planned retirement in the first half of 2022.⁠[15]

Regnery has also been chair of the board since January 2022.⁠[14]

Net revenues for 2025 were $21,321.9 million, up 7 percent from $19,838.2 million in 2024, and net earnings attributable to Trane Technologies plc were $2,918.6 million, compared with $2,567.9 million. Bookings reached a record $22.6 billion and backlog a record $7.8 billion.⁠[16]

The company employed approximately 44,000 people in 62 countries.⁠[14]

On July 30, 2026, the company announced second-quarter revenues of $6.4 billion, up 11 percent, bookings of $7.8 billion, up 39 percent, and a record backlog of $12.1 billion.⁠[17]

On October 29, 2026, it announced third-quarter net revenues of $6,759.7 million, up 18 percent, and a backlog of $12.5 billion, up 73 percent, and raised its full-year 2026 revenue growth outlook to approximately 13.5 percent (approximately 11 percent organic).⁠[18]

As of October 23, 2026, Trane Technologies plc had 218,895,337 ordinary shares outstanding.⁠[19]