Johnson Controls International PLC (NYSE: JCI), a global leader in smart, healthy and sustainable buildings, said on Tuesday that it had reached a definitive agreement to sell its Air Distribution Technologies business to Truelink Capital, a middle-market private equity company.
The sale includes market-leading air distribution and movement brands Koch Filter, Titus, Ruskin, Kreuger, PennBarry and Tuttle & Bailey and their product lines of grilles, registers and diffusers, terminal units, fire and smoke dampers, louvers, filters and fans.
The deal is expected to close in the second half of 2024, Johnson Controls said.
“The sale of our Air Distribution Technologies business is the next step as we continue to simplify our portfolio and advance our transformation into a comprehensive solutions provider for commercial buildings,” George Oliver, Johnson Controls Chairman and CEO, said in a press release.
“This transaction is consistent with our strategy to focus our resources on our most attractive opportunities for value creation. I would like to thank our talented Air Distribution Technologies employees for their hard work and dedication over the years. We are confident the business and the team will be well positioned for future success under Truelink’s ownership.”
Stock Performance
The shares of Johnson Controls International PLC (JCI) closed 0.30% ($0.21) lower at $69.10 in New York on Tuesday, as they extended the losses from the previous three market sessions.
The company’s total market cap now stands at $46.551 billion.
The shares of Johnson Controls International PLC (JCI) went down 9.94% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 19.88% so far this year.
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