Canada Pension Fund to buy Tomkins air distribution unit for $1.1 bn
22 Sep 2012
The Canada Pension Plan Investment Board (CPPIB) yesterday agreed to pay $1.1 billion for the air distribution division of Tomkins Ltd, a diversified UK-based industrial company.
In 2010, CPPIB and Toronto-based Onex Corp jointly acquired Tomkins, an industrial holding company that operates a number of businesses serving the general industrial, automotive and construction markets around the globe.
Since the acquisition, Tomkins has sold five non-core businesses for almost $1 billion, which were primarily used to reduce the company's debt.
Tomkins' Air Distribution division is a leading North American manufacturer of products that are used to distribute, recycle and vent air - critical components of HVAC systems within non-residential and residential buildings.
The Air Distribution division designs and manufactures a broad range of products which are marketed under many well-known brand names including Titus, Krueger, Ruskin and Hart & Cooley.
"The Air Distribution division is a market leader in its industry with a premier product portfolio and strong distribution network, and is well positioned for growth," said André Bourbonnais, senior vice-president, Private Investments at CPPIB.
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