Lennox has entered into a definitive agreement to sell its Hyfra Process Cooling business unit, headquartered in Krunkel, Germany, to the Glen Dimplex Group.
The transaction is expected to be completed in the fourth quarter of 2023, according to Lennox CEO, Alok Maskara.
"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," he said.
"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.”
Glen Dimplex CEO, Fergal Leamy, said this strategic acquisition marks an important milestone for the Glen Dimplex Group.
“It will enable us to further expand our precision cooling business globally, and align with customer needs as we transition to a more sustainable future,” Leamy said.
Glen Dimplex is a privately owned, Irish headquartered, international manufacturing group with a 50-year heritage.
The company operates across four product areas including heating & ventilation, precision cooling, flame and consumer appliances.