Trane Technologies makes heating, ventilation and air conditioning equipment along with commercial refrigeration systems, sold under the Trane and Thermo King brands among others. Demand for its HVAC equipment is tied to construction activity, building renovation cycles and increasingly to the retrofitting of older buildings with more energy-efficient climate control systems as energy codes tighten. A meaningful share of its revenue comes from long-term service contracts and replacement parts for equipment already installed, which smooths out some of the cyclicality that pure new-equipment sales would otherwise create. Trane reincorporated in Ireland years ago as part of a merger, a common structure among industrial companies seeking a different tax domicile, though its operations remain concentrated in the Americas and Europe.