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Trane Technologies plc (symbol: TT) is a leading global producer in the climate control and transportation refrigeration industry. The company manufactures and services a wide variety of HVAC (Heating, Ventilation, and Air Conditioning) systems for both commercial and residential use. Under its prominent brands, including Trane, American Standard, and Thermo King, Trane Technologies offers solutions that ensure comfort, efficiency, and sustainability.
Headquartered in Ireland, Trane Technologies generates approximately $18 billion in annual revenue, with North America accounting for over 70% of its sales. About 70% of the company's revenue comes from equipment sales, while parts and services contribute the remaining 30%.
The company is at the forefront of innovation, particularly in leveraging artificial intelligence (AI) to enhance the efficiency and performance of its climate control systems. For instance, the Trane® Autonomous Control powered by BrainBox AI® uses AI to optimize HVAC systems automatically, requiring no additional hardware. This is just one example of how Trane Technologies is leading the way in developing smarter, more efficient technologies.
Trane Technologies is deeply committed to sustainability, aiming to reduce its carbon footprint and enhance the energy efficiency of its products. Recent initiatives include the development of advanced climate control systems that can measure and respond to various environmental indicators like humidity and air quality, thanks to sophisticated AI algorithms. This not only helps in maintaining indoor comfort but also supports the broader goal of environmental sustainability.
The company's innovative strategies extend to its partnerships and collaborations. Trane Technologies works with a range of industries to integrate its advanced climate solutions, thereby broadening its impact and market reach. They also invest in future technologies to ensure their products remain adaptable and relevant as the pace of technological advancement accelerates.
Financially, Trane Technologies remains robust, continuously investing in R&D to maintain its competitive edge. The company's strong engineering expertise and commitment to innovation position it well for sustained growth and profitability.
In summary, Trane Technologies plc is a major player in the HVAC and transportation refrigeration industry, known for its innovative, sustainable, and efficient climate control solutions. It continues to lead the market through its commitment to technological advancement and sustainability.
Honeywell (Nasdaq: HON) announced a partnership with Trane Technologies (NYSE: TT) to test its new refrigerant, Solstice N41 (R-466A). This initiative targets the transition from R-410A to a more environmentally friendly alternative through a year-long field trial at three U.S. locations. The trials will analyze energy consumption and performance, with Solstice N41 reported to reduce global warming potential by 65%. Honeywell aims to support industry moves towards sustainable refrigerants while ensuring safety and efficiency for users.
Synexis and Trane Technologies (NYSE: TT) are donating 20 biodefense systems to the United Service Organizations of Metropolitan Washington-Baltimore (USO-Metro). These devices, utilizing Dry Hydrogen Peroxide (DHP™), enhance air quality by combating viruses, bacteria, and mold in occupied spaces. Deployed at the USO Warrior and Family Center at Fort Belvoir, Virginia, this partnership aims to support military members and their families. USO-Metro, serving over 300,000 military personnel in the area, emphasizes the importance of improved indoor safety as service members return to shared environments.
Trane Technologies (NYSE:TT) has received ISO 14064-1 certification for carbon neutrality of its Thermo King manufacturing line in Galway, Ireland, marking a significant milestone in sustainability. This line, known for its Advancer A-Series trailers, has reduced production energy usage by 60% and offers 30% better fuel efficiency than competitors. The company's commitments include achieving net-zero carbon emissions and reducing customer emissions by one billion metric tons, aligning with the Paris Agreement goals.
Trane Technologies (NYSE: TT) has appointed Gary Forsee as lead independent director, effective immediately. Forsee, a Board member since 2007, will leverage his extensive experience to enhance governance and stakeholder value. He replaces Dick Swift, who retires after 26 years on the Board. Swift has played a vital role in company growth and strategy, particularly as chair of the Audit Committee and lead independent director. Additionally, Dave Regnery has been named CEO, succeeding Mike Lamach, who transitions to executive chair until mid-2022.
Trane Technologies (NYSE: TT) announced that Dave Regnery has been appointed CEO, effective July 1, 2021, succeeding Mike Lamach, who will take on the role of executive chair until his retirement in 2022. Regnery, a long-term veteran of the company, has been instrumental in its transformation into a climate innovator. He has led various business segments and has a strong record in sustainability efforts. Lamach's leadership has resulted in a 744% total shareholder return since he became CEO in 2010, reflecting significant growth and a commitment to environmental, social, and governance (ESG) performance.
Trane Technologies plc (NYSE:TT) conducted its 2021 Annual General Meeting, where shareholders voted on six proposals. All 12 Board of Directors nominees were re-elected, receiving strong support ranging from 89% to 99% in favor of various proposals including executive compensation and auditor appointments. A quarterly dividend of $0.59 per share was declared, payable on September 30, 2021, to shareholders of record on September 3, 2021. Notably, Trane has paid cash dividends since 1919, reflecting its commitment to shareholder returns.
Trane Technologies (NYSE: TT), a leader in climate innovation, will engage in a virtual fireside chat at the UBS Global Industrials and Transportation Virtual Conference. The discussion is scheduled for 11:00 AM ET on Tuesday, June 8, 2021. Interested parties can access the live webcast on the Trane Technologies website under the investor relations section. An archive of the session will be available for 30 days post-event. Trane Technologies focuses on delivering sustainable climate solutions through its brands, Trane and Thermo King.
Trane Technologies (NYSE: TT) announced its leadership will engage in a virtual fireside chat at the Morgan Stanley Sustainable Futures Virtual Conference on June 9, 2021, at 2:45 PM ET. The event will be live-streamed on the company's website, where an archive will be available for 30 days post-event. Trane Technologies is committed to delivering sustainable climate solutions through its brands, Trane and Thermo King, focusing on efficiency and environmental responsibility.
Synexis has appointed Karin De Bondt to its board of directors, effective immediately. De Bondt is the president of Thermo King Americas at Trane Technologies, where she oversees operations and financial performance. Her global leadership experience and strong financial results are expected to enhance Synexis’ focus on indoor air quality. CEO Eric Schlote emphasized her customer-centric approach and strategic expertise as valuable assets. De Bondt holds a master's degree in economics and has an extensive background in business development.
Service Fusion announced a multi-phase integration with Trane and American Standard to enhance dealer experiences through field service management software. This collaboration aims to improve operational efficiencies and communication for home service contractors. The initial phase will streamline lead management, product attributes, and inventory availability. Service Fusion, serving over 5,000 contractors across various service sectors, emphasizes delivering tools to meet evolving consumer expectations and improve business operations.
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