Lennox International Inc LII has entered into a definitive agreement to sell its Hyfra Process Cooling business unit, headquartered in Krunkel, Germany, to the Glen Dimplex Group. The financial terms of the transaction were not disclosed.
"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 CEO Alok Maskara.
Glen Dimplex expects the acquisition to further expand its precision cooling business globally.
The transaction is expected to be completed in the fourth quarter of 2023.
Price Action: LII shares are trading higher by 0.85% at $360.71 on the last check Friday.
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