Ingersoll-Rand plc and Mitsubishi Electric Corporation are going into a 50/50 joint venture to better serve their customers and this is already operational.
In this arrangement, Mitsubishi Electric Trane HVAC US becomes the provider of ductless and VRF systems in the United States as well as some select countries in Latin America. The joint venture has improved its systems quality in terms of efficiency, speed mini-split, split and VRF air conditioners as well as heat pumps for homes, light commercial and commercial applications.
In the new outfit, Keijiro Hora becomes the CEO and D. Andrew Kelso becomes his chief financial officer. Hora has served at Mitsubishi Electric since 1981 in various capacities, with the most recent being the president and CEO of Mitsubishi Electric US, Inc., and this is the same role that he will continue to play. Kelso has been with Ingersoll Rand since 1995, most recently as the finance leader for the company’s Industrial Products businesses.