United States. Lennox International announced that it plans to sell its Service Experts business line, which consists of suppliers and contractors offering installation and services in heating and cooling equipment, mainly for the residential market.
The company said it will maintain the service business called Lennox National Account Services (NAS) that it reported within its line of Service Experts.
This segment recorded revenues of US$529 million in 2011, US$80 million from the NAS area. The company expects to notify this development in the third quarter of 2012, now NAS will report to the Commercial Heating & Cooling segments and will provide current and historical financial results adjusted for discontinuous operations and its transfer to the commercial sector will occur at the time of presenting the revenues of the third quarter of 2012, that is, on October 22, 2012.
"With the recovery in the North American residential market and the interest of potential buyers, we are planning to sell this company, as well as establish a supply agreement for our equipment with the future owner of Service Experts," said Todd Bluedorn, president and CEO of Lennox.
