Lennox International, Inc. LII inked a pact to sell its European commercial HVAC and refrigeration businesses, headquartered in Lyon, France, to funds managed by Syntagma Capital. The financial terms of the transaction were not disclosed.
"The agreement to sell the European commercial HVAC and refrigeration business will be the best way to bring closure to our portfolio simplification decision announced last year," said Chief Executive Officer Alok Maskara.
The company exited the second quarter with cash and equivalents worth $59 million.
The transaction is expected to be completed in the fourth quarter of 2023.
"Our focus on North America will enable us to better serve our customers and achieve growth acceleration and margin resiliency," Maskara added.
Last month, the company entered into a definitive agreement to sell its Hyfra Process Cooling business unit, headquartered in Krunkel, Germany, to the Glen Dimplex Group.
Related: Lennox Cools Off In Europe: Sells Hyfra Unit To Glen Dimplex Group
Price Action: LII shares are trading lower by 2.71% to $363.39 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
