Ingersoll Rand, which is well known in the security industry for such brands as Schlage, Von Duprin, Recognition Systems and Locknetics, announced on Monday that it has acquired Trane Inc. The purchase price was approximately $10.1 billion.
Trane, of course, is a top brand for heating and air conditioning, and the move plays well within Ingersoll Rand's overall building systems integration business. In addition to its residential and commercial heating and cooling systems, Trane also manufactures a number of building management systems that could potentially interplay with Ingersoll Rand's integration business.
The value of a company like Trane to Ingersoll Rand's own building integration solutions was not lost on Herbert Henkel, president and CEO of Ingersoll Rand.
"This acquisition represents a significant next step in Ingersoll Randâ€™s decade-long transformation to become a leading global diversified industrial company, with strong market positions across the climate control, industrial and security markets," said Henkel. "The acquisition of Trane meets our long-term objectives of significantly increasing consistency of revenue and income streams, adding strong brands and market positions, and further strengthening the organic growth potential of our portfolio."
Ingersoll Rand has already been in the indoor climate control business area with brands such as Hussmann and Thermo King.