Trane Technologies Completes Acquisition of Farrar Scientific, a Leader in Ultra-Low Temperature Control

Rhea-AI Summary

Trane Technologies (NYSE: TT) has successfully acquired Farrar Scientific, a key player in ultra-low temperature solutions for biopharmaceuticals. This strategic acquisition, announced on September 13, 2021, enhances Trane's capabilities in providing flexible and efficient temperature control solutions critical for the life sciences sector. Holly Paeper has been appointed to lead the new Life Science Solutions business within Trane's Commercial HVAC unit, aiming to deliver greater value in cold chain management and sustainability.

Positive

• Expansion into the biopharmaceutical sector through acquisition of Farrar Scientific.
• Strengthened capabilities in ultra-low temperature processing and storage.
• Potential for increased revenue in life sciences markets.

Negative

• Integration challenges post-acquisition.
• Possible negative impacts on stock price due to high transaction costs.

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, has completed the acquisition of Farrar Scientific, which the company announced in a press release on September 13, 2021.

Holly Paeper, president of Trane Technologies’ new Life Science Solutions business (Photo: Business Wire)

Farrar Scientific is a critical supplier for bioscience and biopharmaceutical customers that provides proprietary technology to fill an unmet need for flexible, modular, and efficient ultra-low temperature processing and storage, including cooling and heating/thawing.

“We are delighted to officially welcome Farrar Scientific associates,” said Holly Paeper, who has been appointed as president of Trane Technologies’ new Life Science Solutions business, which operates as part of the company’s Commercial HVAC business unit. “Trane Technologies’ world-class business operating system and expertise in refrigeration, cold chain and sustainable climate controls combined with Farrar’s specialized expertise in ultra-low temperature control will enable us to deliver even greater value to customers around the world in the critical biopharmaceutical and life science industries.”

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. Learn more at tranetechnologies.com.

This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements about the expected benefits of the proposed transaction and the growth of the business. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, our ability to timely obtain necessary regulatory approvals of the proposed transaction and to timely complete the proposed transaction; our ability to fully realize the expected benefits of the proposed transaction; negative effects of announcement or consummation of the proposed transaction on the market price of the company’s ordinary shares; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the proposed transaction; the impact of the proposed transaction on the company’s employees, customers and suppliers; and the ability of the companies to successfully integrate operations after the transaction. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2020, as well as our subsequent reports on Form 10-Q and other SEC filings. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211015005618/en/

Media Contact:

Jennifer Regina

+1-630-390-8011

jennifer.regina@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

zachary.nagle@tranetechnologies.com

Source: Trane Technologies

FAQ

What is the significance of Trane Technologies acquiring Farrar Scientific?

The acquisition enhances Trane's capabilities in ultra-low temperature solutions for the biopharmaceutical industry, expanding their market reach.

When was the acquisition of Farrar Scientific announced?

The acquisition was announced on September 13, 2021.

What role will Holly Paeper play after the acquisition?

Holly Paeper has been appointed president of Trane Technologies’ new Life Science Solutions business.

How will this acquisition affect Trane Technologies' stock (TT)?

The acquisition could lead to increased revenue growth, although integration challenges and high transaction costs may impact the stock price.