Ingersoll Rand To Buy Business Of Thermocold Costruzioni

(RTTNews) - Ingersoll-Rand plc (IR) said that it plans to acquire the business of Thermocold Costruzioni S.r.l, a privately held Italian company that manufactures and distributes heating, ventilating and air-conditioning or HVAC systems and solutions for residential, commercial and industrial buildings in Europe.

Thermocold operates from one location in Bari, Italy. Upon closing of the transaction, Ingersoll Rand will welcome the Thermocold brand into the Ingersoll Rand family of brands. The acquisition is expected to close subject to certain closing conditions and third party approvals.

Separately, Ingersoll-Rand said that its board authorized a new share repurchase program of up to $1.5 billion of the company's ordinary shares to commence upon the completion of the company's current $1.5 billion program. The board also declared a quarterly dividend of 40 cents per ordinary share, payable March 31, 2017, to shareholders of record on March 10, 2017.