Trane Technologies to Acquire Cancoil, Strengthening Supply Chain Resiliency and Thermal Management Expertise

The proposed acquisition would bring an existing supplier’s Canadian and U.S. manufacturing operations into Trane Technologies.

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Accelerates scale and continued growth of the Cancoil business in Canada and the U.S.

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, today announced it has entered into a definitive agreement to acquire Cancoil Thermal Corporation, a leading North American manufacturer of heat-transfer products.

Founded in 1983 by Chander and Anju Datta and headquartered in Ontario, Canada, Cancoil is known for its engineering expertise, customer-focused approach and ability to design and manufacture products tailored to customer needs. The company’s products, such as fluid coolers, air-cooled condensers and custom finned-tube coils, are used in a wide range of commercial and industrial applications for data centers, food processing, refrigerated warehouses, supermarkets, schools, hospitals and other critical environments.

The acquisition will include Cancoil’s existing operations, including manufacturing facilities in Ontario, Canada, its growing U.S. manufacturing operations in Jacksonville, Texas, and its highly skilled team of more than 450 employees.

Cancoil is a current supplier to Trane Technologies, supporting key applications across the company’s chiller and airside businesses. With the addition of Cancoil, Trane Technologies will further strengthen its heat-transfer expertise and enhance supply chain resiliency, while creating opportunities to support and scale Cancoil’s continued growth. Cancoil will continue to serve customers as it does today.

“Cancoil adds a critical capability at the right time for our business and our customers,” said Donny Simmons, Chief Operating Officer, Trane Technologies. “Cancoil’s proven manufacturing capabilities, differentiated technical expertise and skilled team will help us better serve customers in critical thermal management applications with speed, quality and reliability. We already value Cancoil as a supplier, and we look forward to welcoming the team and advancing our work together.”

The Datta family celebrated the company’s past, present and future, noting, “Cancoil, Cancoil USA and Fin Aire Inc. are joining Trane Technologies, bringing together organizations with a shared commitment to heat transfer solutions, innovation and manufacturing excellence. For more than 40 years, our family has built Cancoil on a foundation of quality, strong relationships and continuous investment in our people and capabilities. We take great pride in what we have built and are confident that Trane Technologies is the right steward of our family’s legacy. This partnership represents an exciting opportunity to build on our history of success, continue delivering excellence to our customers and create new opportunities for our employees, customers, suppliers and partners as we enter our next phase of growth.”

The transaction is expected to be completed before the end of the year, subject to customary closing conditions and regulatory approval. Terms of the deal were not disclosed.

Lazard served as the financial advisor to Cancoil on the transaction.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechnologies.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to the timing and expected completion of the proposed transaction, the Company’s ability to integrate the acquired businesses, and the expected benefits, synergies, and operational scale resulting from the proposed transaction. 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. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2025, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261021426362/en/

Media:
Travis Bullard
+1 919-802-2593
Media@tranetechnologies.com

Investors:
Pat Uotila
+1 607-342-6573
InvestorRelations@tranetechnologies.com

Source: Trane Technologies

Key Terms

finned-tube coils technical

A finned-tube coil is a heat exchanger made of metal tubes with thin metal fins attached along their length to increase surface area; a liquid or refrigerant flows inside the tubes while air or gas passes across the fins, allowing heat to transfer efficiently between the fluid and the air. The fins boost heat transfer per unit volume, so these coils are used where compact, effective heating, cooling, condensing or evaporating is needed (for example in air handlers, heat recovery units, chillers and industrial process equipment). Performance depends on factors such as fin density, tube layout, airflow speed and the properties of the fluid inside the tubes.

fluid coolers technical

A fluid cooler is a heat‑exchange unit that removes heat from a circulating liquid (usually water or a water/glycol mix) by passing the liquid through pipes or coils while ambient air is blown across them by fans; the warmed air carries heat away and the liquid returns cooler to the system. Unlike an open cooling tower, a fluid cooler is a closed‑loop device that minimizes water loss and contamination because the process fluid does not directly contact the air; it is commonly used for HVAC and industrial process cooling and typically serves as the heat rejection component for chillers or other closed cooling circuits.

air-cooled condensers technical

A heat-exchange device that condenses vapor into liquid by passing ambient air over a bundle of finned tubes or coils; fans or natural draft move air across the hot vapor inside the tubes so the vapor releases heat and changes state. Air-cooled condensers perform the same basic function as water-cooled condensers but use air instead of a cooling-water circuit, which reduces water use and plumbing but requires a larger physical footprint and becomes less thermally efficient as ambient air temperature rises.