Lennox Industries Inc., a maker of HVAC products, has received Frost & Sullivan's 2005 Market Leadership Award, as part of the research firm's recent report titled, North America Air Purification Equipment Markets.
Frost & Sullivan said the annual award is based on a company's demonstrated market share leadership through a marketing engineering strategy, excellence in all areas of the market leadership process, including the identification of market challenges, drivers, and restraints, and methods of addressing market dynamics.
"Lennox has continually invested in R&D and has introduced sophisticated equipment such as filtration plus photocatalytic oxidation (PCO)-based air purifiers," Sapan Agarwal, research analyst for Frost & Sullivan, said. "Thanks in part to the air purifiers' ability to eliminate 50 percent of household and chemical odors within 24 hours of operation of a unit, the company has established its technological superiority in the market."
Lennox said that it plans to leverage its U.S. designs and capitalize on its brand name to increase its international markets. The company said that expansion within North America can help it distribute to end users, giving it the profit margins available on a retail level, while protecting its brand equity.
"Lennox is a rapidly growing company with a firm strategic plan for global expansion, backed up by the ability to design, manufacture, market, and sell its versatile products," said Mr. Agarwal. "Continued success and growth of the company are also attributed to its flair for benefiting from mass production, even while applying customization to satisfy customer needs worldwide."
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