Abstract: A counterflow cooler for ventilation and cooling of hot, pelletized product is provided which includes a shiftable floor located beneath a negatively ventilated housing. The cooler is provided with a series of openings in the floor which both admit air into the housing and, during shifting of the floor, discharge a quantity of cooled pellets during each operating cycle. Deflectors located over the openings prevent unrestricted discharge of pellets through the openings. The counterflow cooler is designed to selectively discharge pellets through the floor of the cooler after the pellets have been ventilated and cooled so that the pellets are subjected to minimal thermal stress.