Adding Trane's line of commercial business to Ingersoll-Rand's existing Climate Control segment makes the combined company a leader in a profitable business with huge recurring revenues from servicing and maintenance. Management's target for synergies from the Trane acquisition seem conservative at $300 million, as there exists a real possibility that Ingersoll-Rand realizes between $500-600 million in synergies total. This would give the company's earnings power a significant boost, and would mean at current prices (mid-$40s) Ingersoll-Rand is trading for a single digit multiple to earnings.