International. Johnson Controls announced a definitive agreement to sell its Air Distribution Technologies business to Truelink Capital, a Los Angeles-based private equity firm.
"The sale of our Air Distribution Technologies business is the next step as we continue to simplify our portfolio and advance our 
transformation into a comprehensive solutions provider for commercial buildings," said Johnson Controls President and CEO George Oliver. "This transaction is consistent with our strategy of focusing our resources on our most attractive opportunities for value creation. I would like to thank our talented employees at Air Distribution Technologies for their hard work and dedication over the years."
Included in the sale are the distribution and air movement brands Koch Filter, Titus, Ruskin, Kreuger, PennBarry and Tuttle & Bailey, as well as its product lines of grilles, registers and diffusers, terminal units, fire and smoke dampers, blinds, filters and fans.
Air Distribution Technologies' products are manufactured in the United States, Mexico, India, Thailand and the United Arab Emirates in facilities that will be transferred to Truelink as part of the transaction. The Johnson Controls and Enviro-Tec brands are not included in it.
"Air Distribution Technologies has been a leading player in the commercial HVAC space for more than 75 years and has consistently delivered innovative, high-quality
products to its customers, demonstrating a strong track record of excellence," said Truelink Co-Founder and Managing Partner Todd Golditch. "Our goal will be to expand the business through a partnership with management to drive substantial commercial and operational improvements to strengthen Air Distribution Technology's market-leading position and better serve its customers. I want to thank Johnson Controls for being an excellent transaction partner and for trusting Truelink Capital Technologies."
The transaction is expected to close in the second half of 2024, subject to customary closing conditions. Baird acted as exclusive financial advisor and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Johnson Controls on the transaction.
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