NEW YORK (Bloomberg) — Bermuda-based Ingersoll-Rand Co., the maker of Thermo King and Hussmann refrigerated truck equipment, completed its acquisition of air conditioner manufacturer Trane Inc., creating an $11 billion climate-control business.

Trane shareholders "overwhelmingly" approved the $9.95 billion deal at a special meeting yesterday, the company said in a statement. The purchase will produce cost savings of $300 million within three years and give Ingersoll-Rand $11 billion in sales of cooling systems this year.

Ingersoll-Rand announced the purchase in December to expand the company's industrial products and move away from construction machinery. Including $150 million in assumed debt, the deal is valued at $10.1 billion.

Sales are forecast to reach $17 billion in 2008, including Ingersoll-Rand's industrial tools and security products. Last year, chief executive officer Herbert Henkel sold the Bobcat equipment business to South Korea's Doosan Infracore Co. and its road building unit to Volvo AB.

Ingersoll-Rand plans to operate Trane as wholly owned subsidiary. The acquired company, formerly called American Standard Cos., emerged from a restructuring that split the company in three. Trane chief executive officer Frederic Poses sold the bath-and-kitchen unit to Bain Capital Partners LLC, a private equity firm, and spun off the automotive brake division as Wabco Holdings Inc. to focus on the flagship air conditioner brand, its most profitable business.

Ingersoll-Rand rose 63 cents to $43.83 in New York Stock Exchange composite trading yesterday. Trane, based in Piscataway, New Jersey, remained unchanged at $46.49 yesterday, its last day of trading.