Johnson Controls completes purchase of Air Distribution Technologies
MILWAUKEE, June 16, 2014 /PRNewswire/ — The acquisition of Air Distribution Technologies by Johnson Controls for $1.6 billion is now complete. Johnson Controls (NYSE: JCI), a global multi-industrial company, announced in April its intention to acquire Air Distribution Technologies, one of the largest and strongest independent providers of air distribution and ventilation products in North America.
Through this transaction, Johnson Controls acquires 48 locations with over 7,000 employees that produce a broad range of air distribution products under well-known brands such as Ruskin®, Titus®, Hart & Cooley®, Krueger™, PennBarry™, Tuttle & Bailey® and others that are used in nearly every building construction project.
The acquisition reflects Johnson Controls’ stated commitment to invest in its buildings business as a growth platform. The combined companies are expected to deliver increased value for customers with world class technologies delivered through strong complementary brands and channels. The acquisition is expected to provide a solid growth platform as the company continues to expand its global market participation and invests in additional new offerings to serve these markets.
Johnson Controls, Inc. has made statements in this document that are forward-looking and, therefore, are subject to risks and uncertainties. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “forecast,” “project” or “plan” or terms of similar meaning are generally intended to identify forward-looking statements. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Johnson Controls’ control, that could cause Johnson Controls’ actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the strength of the U.S. or other economies, availability of raw materials and component products, currency exchange rates, and cancellation of or changes to commercial contracts, as well as other factors discussed in Item 1A of Part I of Johnson Controls’ most recent Annual Report on Form 10-K for the year ended September 30, 2013. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements. The forward-looking statements included in this document are only made as of the date of this document, and Johnson Controls assumes no obligation, and disclaims any obligation, to update forward-looking statements to reflect events or circumstances occurring after the date of this document.
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 170,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and disciplined focus on operational execution, we are committed to delivering value to shareholders and making our customers successful. In 2014, Corporate Responsibility Magazine recognized Johnson Controls as the #12 company in its annual “100 Best Corporate Citizens” list. For additional information, please visit http://www.johnsoncontrols.com.
SOURCE: Johnson Controls