Johnson Controls (NYSE: JCI), Milwaukee, WI, announced it has agreed to acquire Air Distribution Technologies a North American provider of air distribution and ventilation products for approximately $1.6 billion.
The acquisition is expected to close by the end of July.
"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, chairman and chief executive officer of Johnson Controls.
Air Distribution Technologies will operate under Johnson Controls building efficiency platform where it will operate with its own brands, distribution channels and employees and will be jointly guided by Johnson Controls and Air Distribution Technologies leadership.
