Last month, Irish heating and cooling system manufacturer Trane Technologies entered into a definitive agreement to acquire Cancoil Thermal Corporation, a North American manufacturer of heat-transfer products.
Founded in 1983 by Chander and Anju Datta and headquartered in Ontario, Canada, Cancoil is known for designing and manufacturing custom fluid coolers, air-cooled condensers and custom finned-tube coils used in a 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 a team of more than 450 employees.
Cancoil is a Trane supplier, supporting key applications across the company’s chiller and airside businesses. With the addition of Cancoil, Trane hopes to 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.
In a statement, the Datta family said, "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.”
The transaction is expected to be completed before the end of the year, subject to customary closing conditions and regulatory approval. The deal terms were not disclosed.
Trane's Huge Backlog
Last Thursday, Trane reported its Q3 results. The company's organic bookings are up 20 percent, with broad-based growth across all segments. Its backlog is $12.5 billion, up 73 percent.
Trane reported revenues of $6.8 billion, up 18 percent and a year-to-date free cash flow of $2.8 billion, up approximately 60 percent.
Recent LiquidStack Acquisition
The company has been in acquisition mode in 2026. In February, Trane entered an agreement to acquire LiquidStack, a provider of liquid cooling technology for data centers. Headquartered in Carrollton, Texas, LiquidStack engineers its solutions to meet the demands of generative AI and hyperscale computing. Data centers and high‑performance compute organizations rely on LiquidStack for high-density liquid, direct-to-chip and immersion cooling solutions.
Cooling equipment remains under pressure as data center demand surges. A recent article from Freddie Sarhan, CEO of Sapphire Technologies, a manufacturer of pressure energy recovery solutions, said chillers can require roughly 50 to 70 weeks of lead time, which is forcing developers to preorder major mechanical and electrical equipment before designs are fully complete, “because waiting until the conventional procurement stage can add months to a project schedule.”
Needless to say, things are going well and are likely to continue down that path at Trane.
