In a $1.6 billion deal, Johnson Controls has reached a definitive agreement with the Canada Pension Plan Investment Board to acquire its Air Distribution Technologies business.
Air Distribution Technologies is one of the largest independent providers of air distribution and ventilation products in North America. Its product lines include grilles, registers and diffusers; terminal units; fire and smoke dampers; and fans.
Johnson Controls is one of the leading providers of products, services and solutions to increase buildings' energy efficiency and lower operating costs. "This investment expands Johnson Controls' position in the buildings space with additional products that are complimentary to our existing heating, ventilation and air conditioning offerings," said Alex Molinaroli, chairman and CEO of Johnson Controls, in a news release.
The acquisition is on track to close by the end of July.
More Articles on Johnson Controls:
3 Considerations for Hospitals on Outsourcing Facilities Management
Talking About Sustainability: A Framework for Hospitals
Baptist Memorial Health Care's System-Wide Efficiency Drive