Seoul, May 28 Samsung on Tuesday said that it has agreed to set up a joint venture (JV) with a leading provider of climate solutions Lennox for a heating, ventilation and air-conditioning and refrigeration (HVAC) business in the US 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 countries.
The JV is 50.1 per cent owned by Samsung, with the remaining stake being held by Lennox, Yonhap news agency reported.
However, Samsung did not reveal the amount of investment for the JV.
"Our collaboration, focused on advanced HVAC product offerings and customer networks in the growing ductless segment, will bring new solutions to the market. We look forward to launching innovative technologies together in the future," said K.S. Choi, President and CEO of Samsung Electronics America.
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 a direct-to-dealer network, according to the company.
"It is an honour to work with Samsung as we invest in solutions to meet our customers' HVAC needs," said Alok Maskara, Lennox CEO.
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