Lennox to sell Hyfra process cooling unit to Glen Dimplex Group

Lennox (NYSE: LII), a provider of energy-efficient climate-control solutions, has announced a definitive agreement to sell its Hyfra Process Cooling business unit to the Glen Dimplex Group. Headquartered in Krunkel, Germany, the transaction is under subject to obtaining required consents and customary closing conditions. The deal is slated for completion in the high-stakes fourth quarter of 2023.

CEO Speaks: Lennox to Zero-In on North American Revenue and Profit Margins

Chief Executive Officer Alok Maskara of Lennox highlighted the company’s strategic pivot toward the North American market. “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,” Maskara said. The statement underscores Lennox’s intention to hone in on markets where it sees the most potential for financial success.

Employees’ Contribution Acknowledged: Hyfra’s Future under Glen Dimplex Group

Maskara also extended gratitude toward the employees of the Hyfra Process Cooling business unit for their contributions to Lennox. “I want to thank the dedicated and talented employees in our Hyfra Process Cooling business for their many contributions to Lennox over the years. I am confident that Hyfra will be best positioned for continued success as part of the Glen Dimplex Group,” concluded Maskara.

Glen Dimplex CEO Enthusiastic about Strategic Expansion

On the other side, Glen Dimplex Chief Executive Officer Fergal Leamy expressed enthusiasm over the acquisition. “We are delighted to announce our acquisition of Hyfra in Germany and extend a warm welcome to all employees joining Glen Dimplex Group. This strategic acquisition marks an important milestone for Glen Dimplex, enabling us to further expand our precision cooling business globally, and align with customer needs as we transition to a more sustainable future,” Leamy stated.

This business maneuver by Lennox to sell its Hyfra Process Cooling unit opens a new chapter for both Lennox and Glen Dimplex Group, with each company sharpening its focus on strategic growth and market alignment. Keep an eye out for updates as the deal progresses toward its expected completion in the fourth quarter of 2023.