Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, has been named one of the “World’s Most Admired Companies” by Fortune for the eighth consecutive year.
“It’s an honor to be recognized once again as one of the world’s most admired companies,” said Michael W. Lamach, chairman and chief executive officer of Ingersoll Rand and of the future Trane Technologies. “Our dedicated employees around the globe are the driving force behind our winning culture and success. With sustainability embedded in all we do, we have a responsibility to challenge what’s possible. That includes enhancing opportunities for all in our workplace and communities, and innovating for a more sustainable world.”
Developed annually by FORTUNE Magazine and the Korn Ferry Hay Group, the World’s Most Admired Companies list is the definitive report card on corporate reputation.
To determine the best-regarded companies in 52 industries, Korn Ferry asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent. For the complete rankings, visit www.Fortune.com.
Ingersoll Rand Transaction Announced in April
In April 2019, Ingersoll Rand announced that it would spin off and merge its Industrial segment with Gardner Denver to create a global industrial leader, expected to be called Ingersoll Rand. The remaining company, a global climate innovator, will be named Trane Technologies and is expected to trade on the New York Stock Exchange under the ticker “TT.” The transaction is expected to close in early 2020.
Through its strategic brands, Trane® and Thermo King®, and portfolio of climate-focused innovations, Trane Technologies will create efficient and sustainable solutions for buildings, homes and transportation.
Our 2030 Commitments
Ingersoll Rand was the first industrial company to announce its 2030 ESG Commitments upon accepting the World Environment Center's 35th Annual Gold Medal for International Corporate Achievement in Sustainable Development in May 2019. These commitments will be pursued by Trane Technologies and include:
- The Gigaton Challenge: Meet the challenge of climate change including reducing customer carbon footprint from buildings, homes and transportation by one gigaton CO2e. This is the largest customer climate commitment made by any business-to-business company and is equivalent to approximately 2% of the world’s annual emissions.
- Leading by Example: Transform its supply chain and operations to have a restorative impact on the environment including achieving carbon neutral operations and giving back more water than it uses in water-stressed areas.
- Opportunity for All: Strengthen economic mobility and bolster quality of life including gender parity in leadership roles, a workforce reflective of its community populations, maintaining livable market-competitive wages and broadening community access to cooling comfort, housing and food.
To learn more, visit www.IngersollRand.com/2030.
About Ingersoll Rand
Ingersoll Rand (NYSE:IR) advances the quality of life by creating comfortable, sustainable and efficient environments. Our people and our family of brands — including Club Car®, Ingersoll Rand®, Thermo King® and Trane® — work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; and increase industrial productivity and efficiency. We are a global business committed to a world of sustainable progress and enduring results. For more information, visit www.ingersollrand.com.
This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to the intent of the Company to change the name of the Company to Trane Technologies plc and our 2030 sustainability targets. 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, the ability to obtain shareholder approval of the Company’s change of name; global economic conditions, and regulatory developments. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2018, as well as our subsequent reports on Form 10-Q and other SEC filings. Forward-looking statements also include statements that relate to the proposed Reverse Morris Trust transaction with Gardner Denver Holdings, Inc. (GDI).
These forward-looking statements are based on GDI’s and Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from GDI’s and Ingersoll Rand’s current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of GDI may not be obtained; (2) the risk that the proposed transaction may not be completed on the terms or in the time frame expected by Ingersoll Rand or GDI, or at all, (3) unexpected costs, charges or expenses resulting from the proposed transaction, (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of GDI and Ingersoll Rand Industrial, or at all, (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in the combined company and ClimateCo achieving revenue and cost synergies; (8) inability of the combined company and ClimateCo to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transaction; (10) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability, (11) evolving legal, regulatory and tax regimes; (12) changes in general economic and/or industry specific conditions; (13) actions by third parties, including government agencies; and (14) other risk factors detailed from time to time in Ingersoll Rand’s and GDI’s reports filed with the SEC, including Ingersoll Rand’s and GDI’s annual reports on Form 10-K and subsequent 10-Qs. We assume no obligation to update these forward-looking statements.
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