Lennox seeks “strategic alternatives” for European business
USA: Lennox says it will explore “strategic alternatives” for its European commercial HVAC and refrigeration businesses.
According to Lennox CEO Alok Maskara, the decision is consistent with the company’s focus on North America, “where we are best positioned to achieve our revenue growth and profit margin targets.”
The European business is said to represent approximately 5% of the company’s revenue.
The company says it will continue to invest in its “high-performing” North American Heatcraft Refrigeration Products business, which will become part of its commercial segment under the leadership of current Commercial HVACR president Joe Nassab.
The European business manufactures and sells unitary HVAC products and applied systems, including small package units, rooftop units, chillers, air handlers and fan coils. It also manufactures and markets refrigeration products including condensing units, unit coolers, air-cooled condensers, fluid coolers, compressor racks and industrial process chillers.
It has manufacturing locations in Germany, France and Spain.