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Daily News

Lennox Completes Sale of Heat Transfer Joint Venture
Jun 8, 2005
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HVAC equipment maker Lennox International Inc. (LII) announced that it has completed the previously announced sale of their 45 percent interest in their heat transfer joint venture to Outokumpu Copper Products OY of Finland for U.S. $39.3 million.

Nearly 3 years ago, LII and Outokumpu announced a joint venture, with Outokumpu initially purchasing a 55-percent interest in LII's heat transfer business segment for $55 million. Lennox announced in April that it was selling its portion of the venture to Outokumpu.

"Outokumpu's purchase of LII's remaining interest in the heat transfer business joint venture allows us to further focus our energy and resources on our three core businesses: Heating & Cooling, Refrigeration, and Service Experts," Bob Schjerven, LII's CEO, said in the April statement announcing the sale.

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