Trane Technologies announced on October 21, 2026, that it has entered into a definitive agreement to acquire Cancoil Thermal Corporation, a Canadian manufacturer of heat-transfer products. The acquisition is intended to strengthen Trane Technologies’ heat-transfer expertise and supply chain resiliency while supporting Cancoil’s growth in Canada and the United States.
Founded in 1983 and headquartered in Ontario, Canada, Cancoil manufactures fluid coolers, air-cooled condensers and custom finned-tube coils. Its products serve commercial and industrial applications, including data centers, food processing facilities, refrigerated warehouses, supermarkets, schools and hospitals.
The transaction includes Cancoil’s manufacturing facilities in Ontario, its expanding U.S. manufacturing operations in Jacksonville, Texas, and a workforce of more than 450 employees. Cancoil is already a supplier to Trane Technologies, providing products for applications across its chiller and airside businesses. The company will continue serving its existing customers following the acquisition.
“Cancoil adds a critical capability at the right time for our business and our customers,” said Donny Simmons, Chief Operating Officer of Trane Technologies. “Cancoil’s proven manufacturing capabilities, differentiated technical expertise and skilled team will help us better serve customers in critical thermal management applications with speed, quality and reliability.”
The Datta family, which founded Cancoil, confirmed that Cancoil, Cancoil USA and Fin Aire Inc. will join Trane Technologies. The transaction is expected to close before the end of 2026, subject to customary closing conditions and regulatory approval. Financial terms were not disclosed. Lazard served as financial advisor to Cancoil.
