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Johnson Controls acquires Air Distribution Technologies

Johnson Controls has announced it is set to purchase Air Distribution Technologies from Canada Pension Plan Investment Board (CPPIB) for $1.6 billion

Milwaukee, Wisconsin-based Johnson Controls, which makes car interiors and batteries as well as heating, ventilation and cooling systems for buildings, said the acquisition reflects its commitment to invest in the buildings business as a growth platform.

“This investment expands Johnson Controls’ position in the buildings space with additional products that are complementary to our existing heating, ventilation and air conditioning offerings,” said the diversified manufacturer’s Chief Executive Alex Molinaroli, in a statement.

Canadian pension fund manager CPPIB had acquired Dallas-based Air Distribution business from Tomkins in 2012 for $1.1 billion, of which about $500 million was funded with equity from CPPIB.

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