Johnson Controls Inc said on Wednesday it will acquire Air Distribution Technologies from Canada Pension Plan Investment Board (CPPIB) for $1.6 billion, in a move aimed at expanding its offerings in the ventilation products segment.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.
Johnson Controls, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI remained unchanged at $45.96. In the past year, the shares have traded as low as $31.95 and as high as $52.50. On average, 4389350 shares of JCI exchange hands on a given day and today's volume is recorded at 0.
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