Ingersoll Rand acquires HVAC systems firm
Transaction costs have not been revealed, but Ingersoll Rand confirmed the acquisition "would not have a material impact on [...] cash flow or earnings in 2017"
Ingersoll Rand has completed the purchase of Thermocold Costruzioni, a producer of heating, ventilating, and air-conditioning (HVAC) systems.
Costs associated with the transaction have not been revealed, but Ingersoll Rand confirmed the acquisition "would not have a material impact on [...] cash flow or earnings in 2017".
The acquisition is expected to strengthen the company’s portfolio of HVAC products for buildings in Europe.
According to a press statement by Ingersoll Rand, the acquisition also offers "opportunities to extend Thermocold technologies to other parts of the world".
Thermocold operates from one location in Bari, Italy, and has a European distribution network.
A key product Thermocold is known for is a multi-pipe HVAC system for simultaneous heating and cooling. This system repurposes rejected energy, or uses renewable energy, for heating the facility, delivering a more sustainable solution that reduces the amount of investment costs, use of floor space, and total operating expenses.
The multi-pipe system contributes to lower the environmental footprint of a building due to significant lower energy use.
Dave Regnery, president of the Commercial HVAC North America, Europe, Middle East and Africa strategic business unit (SBU) of Ingersoll Rand, said the development is "another milestone" for the company.
He continued: "The completion of this acquisition marks another milestone in providing breakthrough solutions for building owners to achieve operating and sustainability goals.
"We have been jointly innovating and serving customers, and this is the next step in our relationship.
"This is an exciting day for employees and distribution partners; we look forward to the growth potential we have together."