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Trane Technologies plc is a global climate innovator specializing in sustainable and efficient solutions for buildings, homes, and transportation through its strategic brands, Trane® and Thermo King® . The company primarily generates revenue through the design, manufacture, sales, and service of solutions for Heating, Ventilation, and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions . Trane Technologies operates in highly competitive markets worldwide, distributing its products through branch sales offices, distributors, and dealers in the U.S., and subsidiary sales and service companies internationally .
- Americas Segment - Offers commercial heating, cooling, ventilation systems, building controls, energy services, residential heating and cooling, and transport refrigeration systems.
- EMEA Segment - Provides similar products and services as the Americas segment, focusing on the Europe, Middle East, and Africa regions.
- Asia Pacific Segment - Delivers HVAC systems, transport refrigeration, and custom refrigeration solutions tailored for the Asia Pacific market.
- Air Conditioners - Designs and manufactures air conditioning units for residential and commercial use.
- Building Management Systems - Develops systems for managing and optimizing building operations and energy efficiency.
- Energy Efficiency Programs - Offers programs aimed at improving energy efficiency in buildings and transportation.
| Name | Position | External Roles | Short Bio | Start Date | |
|---|---|---|---|---|---|
David S. Regnery ExecutiveBoard | Chair of the Board and Chief Executive Officer | Member of the Alliance of CEO Climate Leaders for the World Economic Forum | David S. Regnery has been with TT for his entire career, becoming CEO in 2021. He led the launch of the EcoWise™ portfolio and sharpened TT's strategy in climate solutions. | 2021-07-01 | View Report > |
Christopher J. Kuehn Executive | Executive Vice President and Chief Financial Officer | None | Joined TT in 2015, progressing from Chief Accounting Officer to CFO. He plays a key role in TT's financial strategy. | 2021-07-01 | |
Donald E. Simmons Executive | Group President, Americas | None | Oversees operations across 14 verticals in the Americas, emphasizing innovation. | 2024-01-04 | |
Elizabeth Elwell Executive | Vice President and Chief Accounting Officer | None | Joined TT in 2016, progressing through finance roles to Chief Accounting Officer. | 2024-02-12 | |
Evan M. Turtz Executive | Senior Vice President, General Counsel, and Secretary | None | With TT since 2013, he has held various legal roles, becoming General Counsel in 2019. | 2019-04-01 | |
Mairéad A. Magner Executive | Senior Vice President and Chief Human Resources Officer | None | Joined TT in 2015, focusing on talent and organizational capability. | 2022-01-01 | |
Mauro Atalla Executive | Senior Vice President, Chief Technology and Sustainability Officer | None | Joined TT in 2025, previously served at Collins Aerospace Systems. | 2025-01-06 | |
Raymond D. Pittard Executive | Executive Vice President and Chief Integrated Supply Chain Officer | None | Joined TT in 2021, previously led supply chain, engineering, and IT. | 2021-07-01 | |
Ana P. Assis Board | Independent Director | Director, Junior Achievement Americas | Director since 2023, recognized leader in AI and data responsibility. | 2023-10-03 | |
Ann C. Berzin Board | Independent Director | Exelon Corporation | Director since 2001, brings expertise in finance and energy sector trends. | 2001 | |
April Miller Boise Board | Independent Director | Executive Vice President and Chief Legal Officer of Intel Corporation | Director since 2020, provides insights into business strategy and governance. | 2020 | |
Gary D. Forsee Board | Lead Independent Director | Director at Ingersoll Rand Inc. | Director since 2007, former CEO of Sprint Nextel, brings operational and financial expertise. | 2007 | |
John A. Hayes Board | Independent Director | Director, Kohler Co.; Operating Advisor, Clayton, Dubilier & Rice; Chair, WilsonArt | Director since 2023, former CEO of Ball Corporation, led significant growth and strategic transactions. | 2023 | |
John P. Surma Board | Independent Director | Marathon Petroleum Corporation, MPLX LP, Public Service Enterprise Group | Director since 2013, former CEO of United States Steel Corporation, brings financial expertise. | 2013 | |
Kirk E. Arnold Board | Independent Director | Advisor to General Catalyst, Director at Ingersoll Rand Inc., Thomson Reuters | Director since 2018, brings experience in venture capital and corporate governance. | 2018 | |
Linda P. Hudson Board | Independent Director | Board positions at Bank of America Corporation, TPI Composites, Inc. | Director since 2015, former CEO of BAE Systems, Inc., brings defense and engineering expertise. | 2015 | |
Mark R. George Board | Independent Director | Norfolk Southern Corporation | Director since 2022, with extensive financial and business development experience. | 2022-10-11 | |
Melissa N. Schaeffer Board | Independent Director | None | Director since 2022, with over 20 years of finance leadership experience. | 2022 | |
Myles P. Lee Board | Independent Director | None | Director since 2015, former CEO of CRH plc, provides strategic and financial insight. | 2015 |
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Given that your Thermo King Americas transport business is expected to be down low double digits this year, and your internal models suggest the trailer market could be down even more than ACT's projection of mid-teens decline, what specific measures are you taking to mitigate these impacts and outperform the market in such a challenging environment?
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With a competitor announcing plans to push into the emergency replacement unitary market where they currently have little share, how do you anticipate this affecting competitive dynamics, and what strategies are you implementing to defend your market position and margins in this critical segment?
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Considering that your investment in immersion cooling is still facing hurdles and is not yet mainstream, how are you addressing these challenges, and what is your strategy to capitalize on the growing demand for efficient cooling solutions in data centers?
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You've highlighted demand side management as a massive opportunity, noting that buildings operate up to 30% inefficiently and that you're in the early stages of leveraging AI and connected solutions to address this; can you quantify the potential impact on your bookings and revenue, and what is your timeline for making this a significant contributor to your financial performance?
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With over 300 mega projects being tracked, many still in the pipeline, and recognizing the complexity and multiple decision-makers involved, how confident are you in converting these into bookings, and how do you expect these mega projects to influence your growth trajectory in the near and long term?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Commercial HVAC distributor (Belgium and Luxembourg) | 2025 | Completed in January 2025, this deal involved acquiring a commercial HVAC distributor with sales and service operations in Belgium and Luxembourg, with results reported in the EMEA segment; no purchase price or additional financial details were disclosed. |
Building management platform for HVAC optimization | 2025 | Completed in January 2025, this acquisition brought an advanced AI-driven platform for HVAC optimization into the Americas segment, supporting digital services with inclusion in the consolidated financial statements from the acquisition date. |
Commercial HVAC distributor (United States) | 2024 | Completed in Q3 2024, this acquisition strengthened the Commercial HVAC business through a sales and service platform in the U.S., with its deal (aggregated cash payment of $174.5 million, $51.6 million in intangible assets, and $96.3 million in goodwill) reported in the Americas segment. |
Technology-focused company (Transport Refrigeration) | 2024 | Completed in Q3 2024, this deal expanded Trane Technologies' product offerings in the Transport Refrigeration business, with financial details mirroring those of its complementary acquisition (aggregated cash payment, intangible assets, and goodwill calculated via a multi‐period excess earnings method) and reported in the Americas segment. |
Nuvolo Technologies Corporation | 2023 | Completed on November 2, 2023, Nuvolo was acquired for a total of $442.9 million (including $352.6 million in upfront cash and $90.3 million contingent consideration), bringing developed technology assets valued at $141.0 million and contingent earnouts tied to revenue targets, expected to be EPS accretive by year 3. |
MTA S.p.A | 2023 | Completed on May 2, 2023, this acquisition for approximately $222–224 million (net of cash) enhanced industrial process cooling solutions across the EMEA and Americas segments, with intangible assets valued at about $93 million and non-tax-deductible goodwill of roughly $113 million determined via a multi‐period excess earnings method. |
Helmer Scientific Inc | 2023 | Completed on May 12, 2023, Helmer, a precision temperature cooling business in the life sciences vertical, was acquired for roughly $263–266 million (net of cash), financed with commercial paper and cash, and came with approximately $95.7 million in intangible assets and $125–130 million in tax-deductible goodwill. |
Commercial HVAC independent dealer | 2022 | Completed on April 1, 2022, this acquisition expanded the distribution network and service area in the Americas with an aggregate cash payment of $110.0 million, supported by $52.7 million in intangible assets and $42.5 million in goodwill, using a multi‐period excess earnings method for valuation. |
AL-KO Air Technology | 2022 | Completed on October 31, 2022, AL-KO Air Technology, which designs and services air handling and extraction systems for commercial applications, was acquired to complement Trane Technologies’ Commercial HVAC offerings in Europe and Asia Pacific; it was part of a broader $250 million M&A spend in 2022, with results reported in the EMEA and Asia Pacific segments. |
Recent developments and announcements about TT.
Earnings
New Earnings (Q4 2024)
·Jan 30, 2025, 5:45 PMView full earnings summary →Trane Tech Q4: Commercial HVAC soared (orders +high single digits, revenue +20% in Americas, 13/14 verticals up). Service hit $6.5B (+10% YoY), boosting margins. Despite 1H transport headwinds, full-year organic growth stays at 7–8%.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMFinancial ExhibitsRegulation FD DisclosureView full 8-K filing →Trane Technologies expanded its board from 12 to 13 members, appointing Matthew Pine, CEO of Xylem Inc., as an independent director effective April 1, 2025. The move aims to enhance leadership and drive long‑term value.