USA/GERMANY: Lennox has agreed to sell its process cooling business Hyfra Industriekühlanlagen GmbH to Glen Dimplex.
Headquartered in Krunkel, Germany, Hyfra supplies cooling systems and air heat exchangers for a range of cooling applications including those in the laser industry, machine tool engineering and filtration industries.
The company was founded in 1981 and acquired by Lennox in 1997.
“Divesting this European business will enable us to continue our focused strategy on North America where we are best positioned to achieve our revenue growth and profit margin targets,” commented Lennox CEO Alok Maskara.
Glen Dimplex CEO Fergal Leamy described the acquisition as “an important milestone” for his company, “enabling us to further expand our precision cooling business globally, and align with customer needs as we transition to a more sustainable future.”
The transaction is expected to be completed in the fourth quarter of 2023.