In this Research Note, we take an in-depth look at the business strategy of Trane Technologies based on their acquisitions and partnerships since 2020. Trane Technologies was formed in 2020 following a spin-off from Ingersoll Rand’s Climate Division. As a vertically integrated enterprise, Trane offers commercial and residential HVAC equipment and aftermarket services as well as transport refrigeration solutions under the ThermoKing brand. Since becoming a public company, Trane Technologies has repositioned itself as a pure-play “climate innovator”, with an increased focus on energy efficiency, sustainability and decarbonization of buildings, homes and transportation, fuelling their growth. The enterprise reported strong financial performance in 2021 with $14.1 billion revenues, up 13% from the prior year. The company is considered to be a very competitive second tier supplier in the world building controls market, behind Siemens, Honeywell, Johnson Controls and Schneider Electric. Here we map Trane’s acquisition and partnership strategy over the past two years in order […]