Canada sells $1.6bn car part firm

US car parts company Johnson Controls said yesterday it will acquire Air Distribution Technologies from Canada Pension Plan Investment Board (CPPIB) for $1.6bn (£953m), in a move aimed at expanding its offerings in ventilation products. The transaction comes just days after CPPIB and Canadian private equity firm Onex agreed to sell industrial conglomerate Gates to private equity firm Blackstone for $5.4bn.