New Joint Venture for World-Class Ductless
Mini Split, AC, Heat Pump and VRF Solutions
DALLAS, May 28, 2024
/PRNewswire/ -- Lennox (NYSE: LII), a leading provider of
innovative climate solutions in the HVACR industry, and Samsung, a
trusted global brand with 40 years of innovative HVAC technology,
are pleased to announce they have signed an agreement forming a
joint venture to sell ductless AC and heat pump(mini-split,
multi-split, VRF) products in the United
States and Canada. The
newly established joint venture will be called Samsung Lennox HVAC
North America.
Samsung will own 50.1% of the joint venture and Lennox will own
the remaining 49.9%.
As product requirements for ducted and ductless AC and heat pump
systems move together, the synergies of having both offerings for
customers are becoming greater. The joint venture brings together
Samsung, a trusted global brand with 40 years of innovative HVAC
technology, and Lennox, a leading North American HVAC original
equipment manufacturer (OEM) and direct distribution leader, in a
partnership that will provide outstanding heating and cooling
solutions to customers.
"This joint venture represents the union of two outstanding
brands with strong market positions and deep customer trust. It is
an honor to work with Samsung as we invest in solutions to meet our
customers' HVAC needs," stated Lennox Chief Executive Officer,
Alok Maskara. "I am excited about
the future of this joint venture as part of our growth
strategy."
The joint venture will be distributing Samsung ductless AC and
heat pump products in the United
States and Canada as well
as "Lennox powered by Samsung"-branded products for Lennox, which
will be sold through Lennox stores and direct-to-dealer network.
The joint venture will continue to supply Samsung-branded products
to the existing Samsung HVAC distributors and representatives in
the United States and Canada.
"It is a great pleasure to take the first step in creating a
long-term HVAC industry-leading partnership with Lennox," said
KS Choi, President and Chief Executive Officer of Samsung
Electronics America. "Our collaboration, focused on advanced HVAC
product offerings and customer networks in the growing ductless
segment, will bring new solutions to the market. We look forward to
launching innovative technologies together in the future."
Pending customary closing conditions, the new joint venture is
expected to be operational in the second half of 2024; after which,
Lennox will purchase VRF, and low-GWP mini-split and multi-split
products from the joint venture. Samsung and Lennox will
appoint the joint venture's Chief Executive Officer and Chief
Financial Officer, and the business headquarters and operations
will be based in Roanoke,
Texas.
ABOUT LENNOX
Lennox (NYSE: LII) is a leader in energy-efficient
climate-control solutions. Dedicated to sustainability and creating
comfortable and healthier environments for our residential and
commercial customers while reducing their carbon footprint, we lead
the field in innovation with our cooling, heating, indoor air
quality, and refrigeration systems. Additional information on
Lennox is available at www.lennox.com or by contacting
investor@lennox.com.
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with
transformative ideas and technologies. The company is redefining
the worlds of TVs, smartphones, wearable devices,
tablets, home appliances, network systems, and memory,
system LSI, foundry and LED solutions, and delivering a
seamless connected experience through its SmartThings ecosystem and
open collaboration with partners. For the latest news, please visit
the Samsung Newsroom at news.samsung.com.
ABOUT SAMSUNG HVAC AMERICA
Samsung performs in the HVAC industry globally with business
operations in 48 countries. Samsung HVAC America is growing the
Samsung residential and commercial air conditioning business in
the United States and Canada by building, training, and supporting a
network of specifying representatives, distributors, and
installers. For more information about Samsung HVAC visit
www.samsunghvac.com.
Media Contact
pr@lennox.com
Investor Relations Contact
investor@lennox.com
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SOURCE Lennox International Inc.