Trane Technologies Plc · NYSE:TT
Trane Technologies — Ingersoll Rand — Investor Day (February 2009)
156 slides from Trane Technologies's investor day presentation, Feb 13, 2009
Slide 1: Ingersoll Rand Overview
Ingersoll Rand Overview Herb Henkel, Chairman and CEO Analyst and Investor Day February 13, 2009 Davidson, NC
Slide 2: Agenda
Agenda ED veect tna * Overview of Ingersoll Rand Herb Henkel — Where We're Headed — Getting the Most Out of Productivity — 2009 Outlook ¢ Business Reviews — Commercial Systems Mike Lamach — Climate Control Technologies Didier Teirlinck — Industrial Technologies Jim Bolch — Security Technologies Stev
Slide 3: Portfolio Transformation, 1999 - 2008
Portfolio Transformation, 1999 - 2008 ED veect tna Ingersoll Rand Revenues, as reported, 1999-2000, 2008PF (SMillions) 2 Strategic, 60+ Bolt-on Acquisitions ee 1999 2000 2001 fe 2007 2008 2002 | From Lower Growth Cyclical...to Higher Growth & Consistency 3
Slide 4: The "New" Ingersoll Rand
aR) Ingersoll Rand The “New” Ingersoll Rand
Slide 5: IR Mission Statement
IR Mission Statement GP ircecon rane Ingersoll Rand We are the world leader in creating and sustaining safe, comfortable and efficient environments Our Business Purpose...Steers Our Strategies, Goals and Actions
Slide 6: The New IR — How We Have Changed
The New IR — How We Have Changed QP vocontant ¢ Better Integrated - Natural linkages enhanced to provide more Customer Value - Opportunities to improve manufacturing, technology, support functions * More Services and Solutions - Better fulfill Customer Life Cycle needs ° Higher T y and Ki Content -
Slide 7: Building Exceptional Leadership
Building Exceptional Leadership ED rors + Enhanced Global Leadership Talent - More talent around the globe, e.g., promoted European President Climate Control to Global Sector President - Trane acquisition added global talent and experience in equipment, services and solutions businesses - Greater pi
Slide 8: Creating Competitive Advantage
Creating Competitive Advantage EP vorctnns Comfort * Control of Indoor Environment * Commercial & Residential Secutity 5 Commercial peices Satety, - Residential “Indoor Air Quality 55 Be ct + Mat'ls Handling SOD IIS Products + Workplace Safety Programs Efficiency * Low Energy Consumption + Industria
Slide 9: 2008 Pro Forma Revenue Profile
2008 Pro Forma Revenue Profile Dror Revenue by Geography Revenue by Segment Climate Controf 21% Industrial Technologies 5298 18% Revenue by Type $2.58 Trane adds 8 pts to North America asuriny Replacement : 40% - Strong Global Presence - Leading Product Positions - More Recurring Revenues 9
Slide 10: End Market Composition
End Market Composition EP vorctnns Revenue by End Market % of Sales 2008 Proforma Equipment Recurring New Replace | Total G Parts & Service 25% = 25% Comm’ Construction — N.A. 14% 23% ® Res. Construction - N. A. 9% 12% O International Construction 4% 11% C Industrial/Process 7% 9% ® Supermarkets — C
Slide 11: Trane Integration Update
aR) Ingersoll Rand Trane Integration Update
Slide 12: Integration Evolution
Integration Evolution EB soettn 5 5 Organize Teams / Organize Business Identify Potential > Implement Specific > Activities around Synergies Programs Sustained Opportunities * Cost Savings * Corp HQ costs * Global G&A consolidation - Consolidation * Supplier rationalizati * Integrated i - Efficienci
Slide 13: Combined Company Cost Structure
Combined Company Cost Structure ED rows ~ $15 Billion - Cost Structure * Consolidate Corporate HQ and Enterprise Services * Leverage third party spend * Consolidate service facility * Consolidate suppliers/vendors * Low cost country * Value engineering * Compressor supply 2008 Proforma Cost Baseline
Slide 14: Trane Integration — Growth Opportunities
Trane Integration — Growth Opportunities ED veect tna Revenue Opportunity Parts 2010 » Cross-selling IR and Trane parts _-| ) HVACR applications Service > High Performance Energy Services for retall customers » Light Commercial opportunity » Leverage Trane’s Branch network » Environmental monitoring
Slide 15: Example - High Performance Grocery
Example - High Performance Grocery Doves Making business better for life Trane hiveiciency integrated ‘monitoring and ngand HVAC systom with CDK ‘Summit BAS to ensure ‘building performance * Guaranteed performance + Lower operating costs - competitive advantage + Outsource non-core activities = focu
Slide 16: 2008 Results — Synergy Savings
2008 Results — Synergy Savings QB geo tans $105M Orig. Actual $75M (SM), Target Achieved - “Corporate $50 $65 * Logistics - Rental Car «Indirect 20 30 + Health Benefits + Material 5 10 * Corporate Contract Total $75 $105 *Growth Synergies: Developing 2008 2008P Target Actual Savings Savings 2008 Syn
Slide 17: Synergy Forecast 2009
Synergy Forecast 2009 QP resort @ 2008 G 2009F $10-15M Growth <7 _$280-290M Cumulative Carry Over $~30 I=) Indirect $~65 Material $~60 International $~25. $175-185 $200M Cumulative n execution and ing results 2009 Original 2009 Revised Forecast Savings Savings Targeting ~$300 Million of Cumulative S
Slide 18: Synergy Forecast 2009-2010
Synergy Forecast 2009-2010 ED recone Growth Growth——+! $395 $300 $100 a5 2008 2009 2010 Incremental Annual Savings 2010 Cumulative ~$400M Savings...Growth Synergies are Additive ie
Slide 19: Cost Reduction and Productivity
Cost Reduction and Productivity aR) Ingersoll Rand
Slide 20: Operational Excellence
Operational Excellence QD recor aa ¢ Formalized Business ro Se, Operating System supporting al alae continuous improvement ~ a : vf \ 3 * Optimizing processes using SE 4 Business 3 Lean Six Sigma tools se q Operating 3 a § System ; ¢ Enterprise Focus Areas driving repeatable results across ee, busin
Slide 21: Restructuring Actions
Restructuring Actions GP rg2rsot nana + 3'¢ Quarter 08 Slowdown Triggered Restructuring planning ° Executing $110 million of Restructuring Actions — Initiated in Q4 2008, covering all businesses — Streamline manufacturing footprint — Reduce G&A cost base — $71 million of costs incurred in 4Q 2008, b
Slide 22: 2009 Projected Commodity Cost Savings
2009 Projected Commodity Cost Savings ED recone su 2009 Copper Aluminum ~$125M to nice $175M Other nonferrous ~$150 Savings at Projected 2009 Volumes 22
Slide 23: Total Productivity Benefits 2008-2009
Total Productivity Benefits 2008-2009 ©?" $6s0m | Gross Productivity for 2009 = $650M Productivity: Mat’l/Labor/Other $350 $350M Trane + IR Synergies 180 Restructuring Benefits $135 Total ~$650 2008 2009F 4%+ Productivity Forecast For 2009 23
Slide 24: 2009 Outlook
aR) Ingersoll Rand 2009 Outlook 24
Slide 25: Key Economic Indicators
Key Economic Indicators GD gees rana % % 2007 2008 Change © 2009F Change Single Family Starts (thousands) 1,034 622 -41% 503 -19% Non-Residential: Non-Res Const. Contract Value ($B) 234 244 4% 220° -10% Institutional 521 517 485 6% Commercial & Industrial 1,135 910 775 -15% Square Footage (millions)
Slide 26: The Market Environment
The Market Environment GD gees rana Key Drivers + Down 10% in US, Europe; Up in Asia - Growth consistent w/ Past Downturns + Reliability, Distribution Matter Total Air Conditioning Down 3 to 5% "08 IR oformal 2009 Plan* Sales | Market IR Comm't Equip. $3.5B | (6)t0(8)% (6) to (8)% Parts & Service |]
Slide 27: Outlook for 2009
Outlook for 2009 EP vorctnns * Forecasting difficult because of turbulent end market environment + 2009 Outlook - proforma revenues decline (8) to (9)%, including (2)% pts FX - Declining markets in N. America & W. Europe - Flat to slight declines in S. America & E. Europe - Single digit growth in As
Slide 28: 2009 EPS Guidance Bridge
2009 EPS Guidance Bridge Cont. Ops ED veect tna 2008 EPS Continuing Ops* $3.34 $3.75 5 Months Trane 0.41 Net Productivity, Including Restructuring 1.48 — 1.59 & Integration Synergies Price/Volume/Mix (1.71) = (1.47) Currency (0.45) - (0.40) Investments (0.24) Pension (0.34) Interest Exp/Income (0.35
Slide 29: Protecting Our 2009 Plan Performance
Protecting Our 2009 Plan Performance ED recone Impact on Op. Inc. * Synergy upside +$35M - Additional Europe, Asia corp. savings * Contingency +100M+ * Salary management plan +$40M - Salary “freeze” announced 01/15/09 Total $175M Would Offset Additional $300 - $500M Revenue Decline 29
Slide 30: IR Sales and Earnings Growth Potential
IR Sales and Earnings Growth Potential QP resort Base Case - Organic Growth 08-12 Sales CAGR, % * Fundamental Sales Growth (2X GDP) +3% to 4% * Synergy Sales Growth #1 to 2 pts | Potential Sales Growth +4% to 6% $16.3B in '08 to $19B— $20B in ‘12 EPS — Continuing Ops. * Fundamental Earnings Growth +
Slide 31: Trane Commercial Systems
Trane Commercial Systems Mike Lamach President and Chief Operating Officer February 13, 2009
Slide 32: Creating a New Ingersoll Rand
Creating a New Ingersoll Rand ED veect tna * Building and system knowledge + EMS / food preservation + Optimized control and safety of indog + World class workplace safety environments performance + Ergonomic products ie conelnasalty + Acoustic performance mental stewardship Efficiency + Lower cost
Slide 33: To Deliver New Customer Value
To Deliver New Customer Value ED Wrgerson ran 4 Unique Customer Value Comfort + High performance grocery stores + Energy efficient and secure schools + Broad portfolio of Building Services + Manufacturing/sourcing to improve cost and performance + An Integrated Supply Chain + Expanded parts and serv
Slide 34: A Stronger Position
A Stronger Position GD gees rana GID ingerson Rand Trane strengths... * Global leader in industrial process cooling and indoor comfort systems and services * Integrated building controls and HVAC application expertise * Global reach to a diverse set of customers. * Extensive distribution capabilitie
Slide 35: Agenda
Agenda ED veect tna * Market overview * Growth platforms — Services — New equipment and systems — Global expansion * Operational excellence * Productivity * Summary 35
Slide 36: Global Commercial HVAC Market
Global Commercial HVAC Market EP nna $160 Global Commercial HVAC Market Served Served market of $85B+ with attractive long term growth + Equipment growth 4%-5% $100 eServices — Challenged by and benefiting from (CAGR= 56%) environmental and regulatory Parts & HVAC — Emerging markets/urbanization $60
Slide 37: Trane Commercial Systems
Trane Commercial Systems Dror Global leader in industrial process cooling and indoor comfort systems and services, B Services 8\Pars) | HVAC Continued focus on systems and services Systems throughout the building lifecycle — Extend product leadership — Expand service offerings — Global expansion — S
Slide 38: Customer Market Segments
Customer Market Segments Commercial — Offices, retail, lodging = $10B+ product opportunity serving hundreds of thousands of customers — Trane equipment mix ~45% — Leverage IR Security Technologies, Hussman Institutional — Healthcare, Education, Government — $7B+ product opportunity serving tens of t
Slide 39: High Performance Grocery
High Performance Grocery QP resort Combined systems expertise of Trane and IR to deliver energy savings of 15% - Trane high efficiency HVAC with CDQ™ dehumidification systems, building controls, remote monitoring — Hussman retail refrigeration IR compressed air systems Steelcraft doors, Interflex ac
Slide 40: Addison School District
Addison School District QP rcesonrana * Solution approach delivers unique competitive advantage for school renovation project — Trane HVAC systems, controls and services — CCTV, Intercom and card access from IR Security ° Next step — Extended service offerings — Additional buildings across the distr
Slide 41: Trane Building Services
Trane Building Services EP vorctnns * Full portfolio of lifecycle and energy management services * Extensive global capabilities — 250+ Service Locations — 4,300+ factory-trained and certified service professionals — LEED accredited engineers * Tremendous growth opportunity — Energy services — Portf
Slide 42: Trane Building Services
Trane Building Services EP vorctnns Roquette Americas * Manufacturer of corn based * Trane Select Service Agreement starches and syrups — 5 year, $1.9M — Used in foods, drinks, i - i and pharmaceuticals and agricultural repairs, monthly inspection goods — 6 R’newal upgrades * Aging Trane and York sy
Slide 43: Integrated Systems Leadership
Integrated Systems Leadership GD gees rana Chillers Unitary Controls Water-cooled Air Handling Units Packaged Rooftop Units Tracer Centrifugal Fan And Blower Water-source Heat Tracker Light Comm’ Air & Water-cooled Coils Pumps Factory or field Screw Variable Air Volume Ducted Split Systems mounted A
Slide 44: Integrated Systems Leadership
Integrated Systems Leadership GD gees rana Borneo - Thermal Energy System Opening Background Solution Keys to Success Largest mall in East Malaysia 1.5m f2 shopping area 4 Hotels Auto City & Cineplex Exhibition & convention area Local craft exhibition area Design, supply and install complete HVAC Sy
Slide 45: Integrated Systems Leadership: New Global Chiller Platform
Integrated Systems Leadership EB soettn New Global Chiller Platform * Description — 15 — 130 ton air-cooled scroll chiller — HFC-410A refrigerant * Global market size - $1B * Customer benefits — Increased energy efficiency — Reduction in generated sound levels — Ease of Use with respect to installat
Slide 46: Integrated Systems Leadership: New Airside System
Integrated Systems Leadership GD gees rana New Airside System * Description — High performance, consolidated indoor/outdoor platform — Sizes from 3 to 120 tons 4 * Innovative design delivers $20M productivity annually * Global market size - $850M * Customer benefits Bay — Exceeds best in class perfo
Slide 47: Integrated Systems Leadership: New Controls Portfolio
Integrated Systems Leadership GD gees rana New Controls Portfolio ° Web enabled — Meets market expectations for easy access from any PC on the web * Open standard protocol support — Easy integration of Trane controls into the customer's environment * Modular/scalable platform — Increased competitive
Slide 48: Global Expansion
Global Expansion QD rcesotrana * Successful global expansion leveraging International Revenue Mix North America solutions — Balanced growth from all regions and 50% revenue streams — Improved mix in spite of 10+% US CAGR * Continued commitment to expansion — Localizing offers and investing in the re
Slide 49: Operational Excellence: World Class Safety
Operational Excellence World Class Safety * World class safety performance an integral part of Trane culture + Right for associates and right for the business —$5K avoided for each incident —$30K avoided for each lost work day * Provides competitive differentiator _.World class safety embedded in ev
Slide 50: Operational Excellence: Integrated Global Supply Chain
Operational Excellence GP ircecon rane Integrated Global Supply Chain ¢ Low cost country, region of use — Drive to 35% LCC by 2012 Safet Productivity + World class performance: = IR/Trane synergies ° Drive continuous productivity * 24/7 safety culture = Lean transformation & : + Embedded in processe
Slide 51: Operational Excellence: Global Quality and Delivery
Operational Excellence Global Quality and Delivery * Continuous quality improvement — Greater than 10% reduction in Warranty & Concession as Percent of Sales — Supplier PPM reduction — Preventive advanced quality planning for new products/refrigerant changes — Recover costs of supplier caused warran
Slide 52: Productivity: Compressor Strategy
Productivity GP irgesot tant Compressor Strategy (Wleomnpressor Spena + Leverage spending Trsiair — Compressors and commodities Ends * High precision manufacturing, Ming | idation and regi Piatt — High precision rotor manufacturing to — Trane Mexico and Mocksville — Centrifugal Chillers to China — L
Slide 53: Productivity: Manufacturing Expertise
Productivity GP rg2rsot nana Manufacturing Expertise * Thermo King historically purchased coils for its roof top bus air conditioners from a 3° party supplier * Trane coil manufacturing capabilities meet Thermo King specifications ¢ Trane Curitiba plant will now build the condenser and evaporator co
Slide 54: Productivity: Controls Technology
Productivity QB geo tans Controls Technology ° Expanded customer offer ~ Trane: HVAC and building controls, services — Security Technologies: access control, video monitoring, systems integration ¢ Leverage control technology to differentiate products across IR offers * Standardize unit controllers
Slide 55: Productivity: Distribution Network
Productivity GD rcersotrand Distribution Network * Sales — leverage customer relationships across Trane and Ingersoll Rand * Services - utilize Hussmann service technicians to support light commercial HVAC customers * Parts - leveraging extensive Trane retail network to distribute IR products — Huss
Slide 56: Summary
Summary QD voters * Strong industry and business fundamentals Sales Growth despite current economic challenges 8 CAGR 5% to 8% portfolio and ® 1 cacr 11% customer relationships 4 — Architects, engineers. owners — Products, systems, services 2 ~ Global reach and expansion 3 * Unprecedented number of
Slide 57: Climate Control Technologies
Climate Control Technologies Didier Teirlinck, President February 13, 2009
Slide 58: Agenda
Agenda QP resort * Climate Control Technologies Sector Overview * Global Climate Control Market ° Current Market Conditions * Climate Control Technologies Strategy — Accelerating Core Business Leverage — Protecting Future Growth Potential — Leveraging Trane * Summary 58
Slide 59: Climate Control Technologies
Climate Control Technologies Dror 1997 2000 {| THERMO KING HUSSmanr #1 Worldwide #1 H. America remote display retigeration cases #1 N. American service provider Leader In Transport & i ry Refrit ion - $3.4B Revenue | 59
Slide 60: Climate Control Technologies
Climate Control Technologies GD gees rana Dynamic Industry + Energy efficient solutions in demand * High demand for cold chain infrastructure in emerging markets * Critical market for food safety and productivity Strong Business * Technology leadership and strong value propositions * Global footprin
Slide 61: Global Product Portfolio
Global Product Portfolio QP resort 2 a 2 $8 ae z 3 Display Cases Refrigeration Systems Coils & Condensers podsuesy uonebyjoy Bus & Rail HVAC Systems Trailer & Truck _Rail & Seagoing Containers a &5 Ea ae oid ao wit Ray ES Industrial Cold Storage Design Engineering, Project Refrigeration Systems Faci
Slide 62: Products and Customers
Products and Customers QD Wrcersot ana Product Mix Self Contained APU End Markets + Retail / Grocery + Supermarkets / Hypermarkets + Convenience stores / Drug stores + Transport + Owner / Operators + Logistics + Global shipping lines + Pharmaceuticals + Food and Beverage + Food Service + Bus and Rai
Slide 63: Cold Chain
Cold Chain GQ reeset tana What is a Cold Chain? * Temperature controlled supply chain * Sum of all the Assets, People & Processes necessary to deliver safe, quality perishables to consumers Dairy Pharmaceutical Floral Poultry Seafood Fruit & Vegetable Meat | Why are Cold Chains Needed? * Enable ‘foo
Slide 64: Market Opportunity
Market Opportunity ED veect tna ea ‘a Post-Harvest Long Haul Warehousing Retail Processing gem Global Market 3 4 2 "1 1 10 (8) * Cold chain technology —* Distribution * Design * Multi-Temp * Product CCT +Collsandcondensers Leading value engineering performance knowledge & Strengths End market expert
Slide 65: Global Market Development
Global Market Development China + Middle class doubles over next |. *>200K points of food purchase consumption but undeveloped infrastructure + High levels of fruit / vegetable shrink a . “crop value deterioration of + Mass trensport HVAC demand / CCT’s Position South America + Strong, growing trans
Slide 66: Players Across The Cold Chain
Players Across The Cold Chain ED vroeen tas NES Long Haul Distribution Climate Control Technologies Market Share High Growing High Leading in N.A. Carrier York Carrier Carrier GEA Mitsubishi Hill-Phoenix Dalian / Sanyo Zanotti Arneg Stellar RodoFrio Sanyo Kysor-Warren Strong Market Position To Capit
Slide 67: Global Cold Chain Trends
Global Cold Chain Trends QP resort Increasing global demand for: * Reduced energy consumption * Smaller carbon footprint * Reduced operating costs Agua ABsauR * Global economic development drives greater demand for food * Global food inflation pervasive in 2008 * Focus on reduction of food spoilage
Slide 68: CCT Value Proposition
CCT Value Proposition ED veect tna + Performance, dependability, and lowest cost operation + Innovation: refrigeration, temperature stability, reliability, noise reduction K * Over 850 TK dealers in more than 75 countries worldwide * Over 150 retail branches/dealers worldwide ao1nlag 1eqo15 10S, * I
Slide 69: Managing For Market Risk & Future Growth
Managing For Market Risk & Future Growth? rr * Driving operational excellence and productivity — Manufacturing footprint optimization — Leaning out the business — Productivity — Trane synergies * Investing for future growth — Energy management — Innovation — Cold chain — Geographic expansion (channe
Slide 70: Manufacturing Footprint Optimization
Manufacturing Footprint Optimization®™ ca CLIMATE CONTROL TECHNOLOGIES * Aligning footprint with market == opportunities 40 79 672 * Rationalizing capacity in mature markets * Continuing to invest in emerging 308 markets and best cost countries — China — India * Dramatically improving manufacturing
Slide 71: Leaning Out The Core Business
Leaning Out The Core Business EB soettn * Focused on key processes that drive customer satisfaction and productivity * Using lean six sigma to enable launch of ERP programs * Driving higher savings per kaizen event — $8M savings in 2008 * Formalized black belt expansion program — $7M savings in 2008
Slide 72: Total Productivity
Total Productivity GP ircecon rane 4% to 5% * Plant and branch productivity 3% * Footprint and process reviews * VAVE Programs for COGS Reduction ° “Best” Cost Country Sourcing 2006 - 2008 Future Achieved 3% Pr ivity; Prog! In Place To Deliver 4-5% 72
Slide 73: Global ERP / Oracle Roll Out
Global ERP / Oracle Roll Out GP ircecon rane [ Inventory Turns } Prior to Oracle Implementation 2007/ 2002 2003 2004 2005 2006 2008 2009 Change Suzhou 3 22.6 19.6 Galway 6.2 22.2 16.0 Kolin 7 24.6 17.6 Barcelona 17 18.5 15 Puerto Rico 15.3 16.3 1.0 Louisville, Hastings, ¢ Minneapolis. Bridgeton, ¢ C
Slide 74: Leveraging Trane
Leveraging Trane QD recor aa * High performance grocery / energy management + Hussmann parts through Trane retail network * Integrated HVAC / Refrigeration solutions s6uL240 a011ag MN * Extend Krack distribution through Trane retail network + Evaporators / Condensers * Cross-selling jelysnpuy a g. é
Slide 75: Managing For Market Risk & Future Growth
Managing For Market Risk & Future Growth@P esse Driving operational excellence and productivity — Manufacturing footprint optimization — Leaning out the business — Productivity — Trane synergies Investing for future growth — Energy management — Innovation — Cold chain — Geographic expansion (channel
Slide 76: Energy Management / High Performance Grocery
{FD ngersot Rand Energy Management / High Performance Grocery” Opportunity To Reduce Energy Consumption By 15% Per Store
Slide 77: Innovation
Innovation GD gees rana SLX New European trailer product range + Low fuel consumption + Low life cycle cost + Easy to operate + Optimal data monitoring, and management EMS Sanitizes surfaces and air from mold, bacteria, and viruses | + 24/7 continuous air and surface sanit + USDA tested and endorsed
Slide 78: Cold Chain Development
Cold Chain Development QD recor aa & = Perishable Post-Harvest q Food Long Haul Warehousing Distribution Retail Processing Processing People: Education, certification, integrated people management Process: Consulti ification, supply chain Assets: Refrigeration equipment, monitoring, integrated asset
Slide 79: Geographic Expansion
Geographic Expansion GQ reeset tana [ Climate Control T i } 2001 ) 2008 Revenue: $2.4B Revenue: $3.4B ESA, Asia Pacific & ESA, Asia Pacific & , Asia Pacific Latin America Latin America North North America America Continuing To Drive Global Expansion 79
Slide 80: Financial Performance
Financial Performance $B 2001 Revenue (— Operating Income 3.4 7A 10.7% 2008 2001 2008 Lileke rom wd ipa shay Track Record Of Improving Profitable Growth GD gees rana 80
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