Samsung Electronics is teaming up with Lennox in the U.S. to target the North American HVAC (heating, ventilation, and air conditioning) market.

Samsung Electronics is teaming up with Lennox in the U.S. to target the North American HVAC (heating, ventilation, and air conditioning) market.: COMPANY / Reporter Kim Jisun / 2024-05-29 03:27:04

Samsung Electronics

[Alpha Biz= Reporter Kim Jisun] Samsung Electronics announced on the 28th that it has signed an agreement to establish a joint venture with American HVAC company Lennox to aggressively enter the North American HVAC market. The new joint venture, named "Samsung Lennox HVAC North America," will leverage Lennox's extensive distribution network and unitary HVAC solutions to target the growing local demand for individual air conditioning systems.

Samsung Electronics and Lennox, founded in 1895, will hold 50.1% and 49.9% stakes in the joint venture, respectively. The venture is expected to launch in Roanoke, Texas, in the second half of this year.

Samsung plans to expand its sales channels by integrating Lennox's distribution network with its own. In addition to its unitary products, Lennox will now also sell Samsung's individual air conditioning products, thereby strengthening its business.