Swords, Ireland: Ingersoll Rand has announced that it has completed the acquisition of Thermocold. The transaction, the announcement said, closed on April 1, 2017.

The acquisition, the company highlighted, strengthens the its comprehensive portfolio of heating, ventilating and air conditioning (HVAC) products for buildings in Europe, with opportunities to extend Thermocold technologies to other parts of the world. Thermocold, it revealed, operates from one location in Bari, Italy, and has a wide European distribution network.

According to Ingersoll Rand, one of the signature Thermocold solutions is a multi-pipe HVAC system for high-efficiency, simultaneous heating and cooling. The system, the company explained, 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. It added that the multi-pipe system further contributes to lower the environmental footprint of a building due to significant lower energy use.

“The completion of this acquisition marks another milestone in providing breakthrough solutions for building owners to achieve operating and sustainability goals,” said Dave Regnery, President of the Commercial HVAC North America, Europe, Middle East and Africa strategic business unit (SBU) of Ingersoll Rand. “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.”

The company did not disclose the cost of the acquisition and indicated the transaction would not have a material impact on the company’s cash flow or earnings in 2017.