Lennox Signs Agreement To Purchase Part of Ducane Company
DALLAS, May 26 /PRNewswire/ -- Lennox International Inc. of Dallas, Texas has signed a letter of intent to purchase essentially all assets of the Air Conditioning and Heating Division of The Ducane Company.
"The Ducane Company has a long and well-established history in our industry," said John Norris, Chairman of the Board and Chief Executive Officer for Lennox International. "In a short period of time, they have recently developed and marketed a unique line of heating and cooling products for an important portion of the market which Lennox International does not service today. It is our intention to continue their growth without altering their method of marketing.
John Ducate, Jr., President and Chief Executive Officer of Ducane, welcomed the agreement. "Lennox is a premier company with important international markets," he said. "This agreement will provide the financial support to continue expanding the market for Ducane heating and cooling products."
Ducate announced Ducane has begun a search to relocate its gas grill production. Until then, they will lease a portion of the Blackville facility and continue to produce gas barbecue grills under the control of the Ducate family.
The Ducane Company is a leading manufacturer of heating and cooling equipment and gas grills. Lennox International Inc. is one of the world's leading heat transfer companies and the parent company of Lennox Industries Inc., Armstrong Air Conditioning Inc., Heatcraft Inc., and Lennox Global Ltd.
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., 972-497-5258