The Canada Pension Plan Investment Board has agreed to pay $1.1 billion for the air distribution division of Tomkins, a diversified U.K.-based industrial company. The division makes products used in heating, ventilating and air conditioning systems for commercial and residential buildings. The pension fund manager is already a part owner of Tomkins, which was acquired in 2010 by CPP and Torontobased Onex Corp. Since then, Tomkins has been selling off non-core businesses. CPP Investment Board will have a "significant majority interest" in the Tomkins air distribution division, including the portions it owns directly and indirectly through its stake in the parent company.
