International. Global company Johnson Controls announced that it has entered into a definitive agreement with the Canada Pension Plan Investment Board to acquire, for $1.6 billion, its Air Distribution Technologies, a North American provider of air distribution and ventilation products.
"This investment expands Johnson Controls' position in the building space with additional products that are complementary to our existing heating, ventilation and air conditioning offering. This reflects our stated commitment to investing in the buildings business as a growth platform and further enhances our offering and channels," said Alex Molinaroli, President and Chief Executive Officer of Johnson Controls.
Air Distribution Technologies has specific product lines such as grids, registers and diffusers (GRDs); terminal units; fire and smoke dampers and fans. Distribution Technologies customers will have uninterrupted access to the products and brands they expect. This new channel will offer an important growth platform for Johnson Controls, as we continue to pursue new investments in new products and increase our market coverage worldwide," said Molinaroli.
