Samsung, Lennox set up HVAC joint venture in U.S., Canada

SEOUL, Samsung Electronics Co. said Tuesday that it has agreed to set up a joint venture (JV) with a leading provider of climate solutions for a heating, ventilation and air-conditioning and refrigeration (HVAC) business in the United States and Canada. According to Samsung, the newly established JV, named Samsung Lennox HVAC North America, will sell ductless AC and heat pump products in the U.S. and Canada. The JV is 50.1 percent owned by Samsung, with the remaining stake being held by Lennox. But Samsung did not reveal the amount of investment for the JV. The JV will be distributing Samsung ductless AC and heat pump products, as well as "Lennox powered by Samsung"-branded products for Lennox, which will be sold through Lennox stores and direct-to-dealer network, according to Samsung. Source: Yonhap News Agency