“The acquisition of Water Tec further expands our West Coast presence and supports our growth strategy,” said Kevin J. Wheeler, A.O. Smith president and CEO.
Financing comes in connection with private investment firm Ardian's recent acquisition of a majority stake in the supplier of design-assist engineering and manufacturers' representation services.
Executives said the move will increase Johnson Controls' growth in net zero building technologies globally, while strengthening long-term relationships with existing customers and creating new opportunities to meet demand in the fast-growing smart building segment.
Deal activity continues in the commercial HVAC market. The latest news involves one of the industry’s largest manufacturers expanding its refrigerant portfolio.