Hamilton, Bermuda, June 8, 2009—Ingersoll-Rand Company Limited (NYSE:IR), a leader in creating and sustaining safe, comfortable and efficient environments, today announced the formation of the Residential Solutions business, effective July 1, 2009.
“The Residential Solutions business will drive greater focus on serving home owners, home builders, independent contractors and retailers by combining our residential air conditioning, heating and ventilation (HVAC) business and our residential security business,” said Herbert L. Henkel, chairman and chief executive officer. “The new business will comprise leading brands in the residential space, including Schlage, Trane and American Standard Heating and Cooling, which represent powerful platforms to create ideal home environments that address the critical areas of safety, comfort and efficiency.”
The business will be based in , and will be led by Steve Hochhauser, currently president, Security Technologies, who will become president, Residential Solutions. “Steve’s recent experience as President of the Security Technologies sector along with his success at Johns Manville selling into the home and building market, will build on the strengths of these businesses while introducing new ideas to take them to the next level,” said Henkel.
Dave Pannier, president of Residential Systems (HVAC business), will be retiring in September after more than 33 years with the company. "Dave has earned a well-deserved reputation in the HVAC industry as a thoughtful leader with the highest of ethical standards. He led the residential HVAC business for Trane during a period of unprecedented growth and profitability from 1998 – 2006 and has worked tirelessly in the recent economic downturn to maintain a competitive advantage."