Lennox International/Outokumpu Group
April 22, 2002
Lennox International Inc. (Dallas) recently announced it has entered into a memorandum of agreement for the formation of a joint venture with Outokumpu Oyj of Finland. Outokumpu will purchase a 55% interest in LII's heat transfer business segment for $55 million, with LII retaining 45% ownership. After a period of three years, Outokumpu will have the option to purchase the remainder of the business contingent upon several factors, including operating performance of the joint venture. The agreement, which has been approved by the board of directors of both companies and is contingent upon regulatory approvals, is currently targeted for completion in mid-year 2002.