October 14, 2002
Lennox International Inc. (LII) recently announced that it has completed the formation of Outokumpu Heatcraft, a joint venture with Outokumpu Oyj of Finland. The joint venture was initially announced on April 22 of this year. Outokumpu has purchased an 55% interest in a major portion of LII's heat transfer business segment for $55 million, with LII retaining 45% ownership. As part of the agreement, a separate 50/50 technology partnership will be established to strengthen the leadership position in heat transfer technology for both partners.