Customary closing conditions complete Chief Executive Officer and
Chief Financial Officer named
SWORDS, Ireland & TOKYO--(BUSINESS WIRE)--
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 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 have equal ownership
of Mitsubishi Electric Trane HVAC.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180517005210/en/
Source: Ingersoll-Rand plc