July 08, 2020

F+L Daily Executive Brief | Leaderboard | 600×75
New Chief Accounting Officer Named for Future Trane Technologies

SWORDS, Ireland–(BUSINESS WIRE)–Heather Howlett, vice president and corporate controller of Ingersoll-Rand plc (NYSE:IR) has been promoted to vice president and chief accounting officer of the future Trane Technologies, effective at the completion of the Reverse Morris Trust transaction announced in April 2019.

Howlett will serve as the company’s principal accounting officer and be responsible for strategic leadership and oversight of accounting matters for Trane Technologies. She will report to Christopher Kuehn, chief financial officer of the future Trane Technologies.

“Heather’s experience as a financial executive at Ingersoll Rand and at other publicly-traded global companies makes her well-suited for the chief accounting officer role,” said Kuehn. “I am confident that her leadership experience and strong growth orientation will advance Trane Technologies and deliver strong controls and shareholder return going forward.”

Howlett joined Ingersoll Rand in August 2019 as vice president and corporate controller. Prior to joining the company, she held finance roles of increasing importance at Catalent, Honeywell and Tyco, and began her career in public accounting at PricewaterhouseCoopers. She has a bachelor’s degree in accounting from the University of Richmond; and she is a certified public accountant and Six Sigma green belt.

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.

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.

Contacts

Media:
Perri Richman

(732) 319-1024, prichman@irco.com
Analysts:
Zac Nagle

(704) 990-3913, investorrelations@irco.com

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