"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 Alex Molinaroli, Johnson Controls chairman and CEO. "It reflects our stated commitment to invest in the buildings business as a growth platform and further enhances our offerings and channels."
Air Distribution Technologies produces a broad range of air distribution products under brands such as Ruskin®, Titus®, Hart & Cooley®, Krueger™, PennBarry™, Tuttle & Bailey®, and many others which are delivered through independent distribution channels. Specific product lines include grilles, registers, and diffusers; terminal units; fire and smoke dampers, and fans.
"Air Distribution Technologies customers will have undisrupted access to the products and brands that they have come to expect," said Molinaroli. "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 will be aligned under the Building Efficiency platform where it will operate with its own brands, distribution channels, and employees. The combination of the two companies will be jointly guided by Johnson Controls and Air Distribution Technologies leadership.
"Johnson Controls is a leader in the building technology industry that will complement our strong brands and valued relationships," said Terry O'Halloran, CEO, Air Distribution Technologies. "Our customers will now have access to an unmatched portfolio of products and offerings as well as backing and continued innovation from the best experts in the industry."
The acquisition is subject to limited conditions and is expected to close 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 transaction.
For more information, visit www.johnsoncontrols.com.