Heatcraft Sells Controls Division to Caradon; Signs Supply and Design Agreements
STONE MOUNTAIN, Ga., Aug. 13 /PRNewswire/ -- Heatcraft Inc., a subsidiary of Lennox International Inc. (NYSE: LII), has sold its Electronic Controls Division to Caradon plc's Advanced Building Controls (ABC) business -- comprising Horsham, UK-based Trend and Novar of Copley, Ohio. The two parties have also entered into three-year supply and design agreements. Heatcraft's Electronic Controls Division has annual sales of $14 million.
Under the agreements, Lennox will continue to source significant quantities of controls from the Murfreesboro plant -- which now operates as Caradon ABC's Custom Controls Division. Caradon has also been granted the opportunity to develop new control products that Lennox requires during the three-year period.
Heatcraft's president and COO Ed French stated, "This transaction will provide Heatcraft and other Lennox International subsidiaries access to the latest and best technology for our products, while enabling Heatcraft to focus on our core heat transfer businesses."
Caradon ABC's managing director Richard Shord said, "This gives us the ideal platform for growth in a sector that perfectly complements our main business of providing system-based intelligent solutions for HVAC control applications. In return, Lennox International benefits from our expertise in the design and manufacture of innovative controls."
Headquartered in Stone Mountain, GA, Heatcraft Inc. is a subsidiary of Lennox International Inc., a global leader in heating, air conditioning, ventilation and commercial refrigeration. Heatcraft Inc. manufactures and markets heat transfer and refrigeration systems throughout the world through their Heat Transfer and Refrigeration Products Divisions.
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
subject to numerous risks and uncertainties that could cause actual results to
differ materially from such statements. For information concerning these
risks and uncertainties, see Lennox' publicly available filings with the
Securities and Exchange Commission. Lennox disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE Lennox International Inc.
Web site: http: //www.lennoxinternational.com
CONTACT: Karen O'Shea, Vice President, Communications and Public Relations of Lennox International Inc., 972-497-5172