Publicly traded HVAC company Trane Technologies of Davidson, North Carolina (NYSE: TT), announced plans to expand operations at its manufacturing facility in Fort Smith.
The $5 million project supports the production of thermal management solutions and is expected to create 60 jobs over the next year. Trane currently employs about 300 people at the facility.
“We’re excited to expand our operations in Fort Smith, strengthening our manufacturing capacity in support of our customers and their sustainable business growth,” Holly Paeper, president of Trane Technologies Commercial HVAC Americas, said in a news release.
The state offered Trane the following incentives for the project: the Tax Back program, which provides sales and use tax refunds on the purchase of building materials and taxable machinery, and Advantage Arkansas, which provides state income tax credit for job creation based on the number of new employees hired as a result of the project.
In February 2024, the Fort Smith facility marked 12 straight years without a lost time safety incident, according to the release. The plant is on track to reach 6 million hours without a lost time incident by October.
Trane in July reported second-quarter income of $900 million, up 13% from $798 million a year ago. The company reported all-time high bookings for its commercial HVAC segment, driven in part by the construction of data centers. Trane also reported growth in its services business, which now accounts of one-third of its total revenue.
The company said growth in its residential HVAC segment has slowed due to supply chain disruptions, particularly a shortage of a new refrigerant.
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