Customary closing conditions complete; Chief Executive Officer and Chief Financial Officer named
Swords, Ireland and Tokyo, Japan, May 17, 2018 – Ingersoll-Rand plc (NYSE:IR), a world leader in creating comfortable, sustainable and efficient environments, and Mitsubishi Electric Corporation (TOKYO: 6503), a leading manufacturer of technologically advanced ductless and Variable Refrigerant Flow (VRF) cooling and heating systems, announced today that its joint venture is now operating and serving customers.
The joint venture establishes Mitsubishi Electric Trane HVAC US as a leading provider of ductless and VRF systems in the United States and select countries in Latin America. The systems sold by the joint venture are highly efficient, variable-speed mini-split, multi-split, and VRF air conditioners and heat pumps for homes, light commercial and commercial applications.
Keijiro Hora has been named Chief Executive Officer and D. Andrew Kelso has been named Chief Financial Officer. Hora has been with Mitsubishi Electric since 1981, most recently as president and chief executive officer of Mitsubishi Electric US, Inc., a role that he will continue to hold. Kelso has been with Ingersoll Rand since 1995, most recently as the finance leader for the company’s Industrial Products businesses.
Ingersoll Rand and Mitsubishi Electric Corporation each have equal ownership of Mitsubishi Electric Trane HVAC US.
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 $14 billion global business committed to a world of sustainable progress and enduring results. For more information, visit ingersollrand.com.
About Mitsubishi Electric Corporation
With nearly 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 4,431.1 billion yen (US$ 41.8 billion*) in the fiscal year ended March 31, 2018. For more information visit: www.MitsubishiElectric.com *At an exchange rate of 106 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2018
About Mitsubishi Electric US, Inc
Mitsubishi Electric US, Inc., a U.S. affiliate company of Mitsubishi Electric Corporation, manufactures and markets heating and air-conditioning systems, elevators and escalators, data wall cubes, LCD digital signage monitors, industrial printers, professional photo printers and semiconductor devices. For additional information visit http://us.mitsubishielectric.com/en.