Lennox announces it has entered into a definitive agreement to sell its Hyfra Process Cooling business unit, headquartered in Krunkel, Germany, to the Glen Dimplex Group. The closing of the transaction is subject to obtaining required consents and customary closing conditions. The transaction is expected to be completed in the fourth quarter of 2023.
"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," said Chief Executive Officer Alok Maskara.
"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," Maskara concluded.
Glen Dimplex Chief Executive Officer Fergal Leamy stated, "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."