Lennox To Sell Interest In Heat Transfer Venture
The transaction is conditioned on the sale of Outokumpu to Nordic Capital, which has been publicly announced. The financial impact of this transaction is not expected to significantly impact Lennox's 2005 financial performance, excluding an anticipated gain on the sale.
The boards of directors of both companies have approved the transaction, which is expected to close late in the second quarter of 2005. Nearly three years ago, Lennox and Outokumpu announced a joint venture, with Outokumpu initially purchasing a 55 percent interest in Lennox's heat transfer business segment for $55 million.
"Outokumpu's purchase of Lennox'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 and cooling, refrigeration, and Service Experts," said Bob Schjerven, Lennox chief executive officer.
Publication date: 04/25/2005