Engineering and manufacturing company Tomkins on Tuesday announced it agreed to be acquired by an investment vehicle established by Canadian private equity firm Onex and the Canada Pension Plan Investment Board for about £2.89bn (€3.4bn).

In a statement, the Canadian organisations said the acquisition of Tomkins represents an attractive investment opportunity in the industrial, automotive and building products markets, in which Tomkins has strong positions and owns some of the most recognisable brands.