Johnson Controls To Buy Air Distribution Technologies For $1.6 Bln - Quick Facts

(RTTNews) - Auto parts supplier Johnson Controls Inc. (JCI) reported signing a definitive deal with the Canada Pension Plan Investment Board to acquire its Air Distribution Technologies business, an independent provider of air distribution and ventilation products in North America, for nearly $1.6 billion.

Air Distribution Technologies offers a broad range of air distribution products under famous brands like Ruskin, Titus, Hart & Cooley, Krueger, PennBarry, Tuttle & Bailey and many others that are delivered via. strong independent distribution channels. Its specific product lines are grilles, registers, and diffusers; terminal units; fire and smoke dampers and fans.

Johnson Controls' Chairman and Chief Executive said: "Air Distribution Technologies customers will have undisrupted access to the products and brands that they have come to expect. This new channel will provide an important growth platform for Johnson Controls as we continue to pursue additional investments in new products and increase our market coverage worldwide."

Within the Johnson Controls portfolio, Air Distribution Technologies would be aligned under the Building Efficiency platform, where it would operate with its own brands, distribution channels and employees. This combination would be jointly guided by Johnson Controls and Air Distribution Technologies leadership.

The transaction may be complete by the end of July. Johnson Controls was advised by Goldman Sachs on strategic and financial aspects and Cleary Gottlieb Steen & Hamilton as legal representatives for this purchase.