Lennox International Announces Planned Sale of Refrigeration Businesses
For the sale of the Australia and Asia businesses, the company has signed a binding agreement with Beijer Ref. The transaction is expected to close in the second quarter of 2018. Separately, Lennox Inter-national is in the process of selling real estate in the Sydney area formerly related to its business operations there. For the sale of the South America business, the company is far along in the process and expects that transaction to be concluded in the second quarter of 2018 as well.
With strong cash generation, Lennox International will continue to invest in the organic growth and profitability of its residential and commercial heating, ventilation, and air conditioning (HVAC) businesses as well as refrigeration, grow dividends with earnings over time, and repurchase company stock.