Trane Technologies plc (TT)

Trane Technologies plc, incorporated in Ireland in 2009, is a global climate innovator that designs, manufactures, sells and services solutions for buildings, homes and transportation, operating primarily under its Trane® and Thermo King® brands. The company generates revenue through heating, ventilation and air conditioning (HVAC), transport refrigeration, and custom refrigeration solutions, with a growing focus on recurring revenue from services, rentals, and connected intelligent controls. Its product and service portfolio spans commercial and residential HVAC equipment (air conditioners, heat pumps, chillers, furnaces, rooftop units, ventilation systems), building management and controls, energy and decarbonization services, transport refrigeration systems for trucks, trailers, buses, rail and containers, industrial and medical-grade refrigeration, thermal energy storage, and aftermarket parts, repair, maintenance and rental services.

The company operates through three reportable segments: Americas (2024 net revenues of $15,903.2 million), covering commercial and residential HVAC, building solutions, and transport refrigeration across North and Latin America; EMEA (2024 net revenues of $2,556.7 million), providing HVAC and transport refrigeration solutions across Europe, the Middle East and Africa; and Asia Pacific (2024 net revenues of $1,378.3 million), offering similar HVAC and transport refrigeration solutions throughout the Asia Pacific region. Products are distributed in the U.S. through branch offices, distributors and dealers, and internationally through subsidiary sales and service companies and distributor networks, reaching customers in approximately 100 countries, with about 26% of 2024 net revenues derived outside the U.S. No single customer accounted for more than 10% of consolidated net revenues in 2024, 2023 or 2022, and the company is not materially dependent on any single customer. The company competes in highly competitive global markets against both regional specialists and large multinational corporations, competing primarily on price, quality, delivery, service, technology and innovation, and considers itself a leading global manufacturer of HVAC systems and transport temperature control products and services.

Demand is seasonal, with commercial and residential HVAC sales typically higher in the second and third quarters due to warm-weather demand in the Northern Hemisphere. The company invests significantly in research and development—$309.6 million in 2024—focused on energy efficiency, lower global-warming-potential refrigerants, material reduction, and product circularity, supporting its 2030 Sustainability Commitments, including the "Gigaton Challenge" to reduce customer greenhouse gas emissions, "Leading by Example" carbon-reduction goals, and "Opportunity for All" community and workforce investments. The company holds numerous patents, trademarks and proprietary technologies, though none individually material to its operations, and maintains a backlog of orders totaling $6,747.7 million at the end of 2024, primarily related to equipment, contracting and installation obligations across its segments.