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Lennox (NYSE: LII) and Samsung have signed an agreement to form a joint venture named Samsung Lennox HVAC North America, aimed at selling ductless AC and heat pump products in the U.S. and Canada.
This venture unites Samsung's 40 years of innovative HVAC technology with Lennox's strong North American market presence.
Samsung will own 50.1% of the venture and Lennox 49.9%. The joint venture will distribute Samsung-branded products, as well as 'Lennox powered by Samsung'-branded products through Lennox's stores and direct-to-dealer network.
Operations are expected to begin in the second half of 2024, with the headquarters in Roanoke, Texas.
Lennox (NYSE: LII) has announced the appointment of Jon Vander Ark to its board of directors, effective June 1, 2024. Vander Ark is currently the President, CEO, and Director of Republic Services, a leading provider of environmental services in the U.S. According to Lennox Board Chair Todd Teske, Vander Ark's strategic growth experience and commitment to sustainability initiatives will be invaluable. Janet Cooper, Chair of Lennox's Board Governance Committee, emphasized that this appointment, along with Soma Somasunduram's addition in March, reflects Lennox's dedication to board refreshment and succession planning. Vander Ark's career includes senior roles at Republic Services and a background in management consulting at McKinsey & Company, along with a strong academic background from Calvin University and Harvard Law School.
The board of directors of Lennox (NYSE: LII), a leader in energy-efficient climate-control solutions, announced a 4.5% increase in the quarterly dividend, raising it from $1.10 to $1.15 per share. The dividend will be payable on July 15, 2024, to stockholders of record as of June 28, 2024. Chief Financial Officer Michael Quenzer stated that the dividend increase reflects the company's successful strategy execution, margin improvements, and solid cash flow. Investments in manufacturing capacity and sustainable products are expected to enhance performance and competitiveness. Quenzer emphasized that Lennox's growth and margin optimization strategies aim to maximize shareholder value and deliver returns.
Albireo Energy and Lennox have partnered to serve educational, institutional, and commercial buildings in Alabama and the Florida Panhandle. Albireo Energy will now include Lennox's HVAC systems in their portfolio, enhancing their building management systems (BMS). This collaboration aims to offer a comprehensive solution to BMS and HVAC needs. Lennox's ENERGY STAR® qualified products, including Model L™ and Enlight™ rooftops, provide innovative and energy-efficient solutions. This partnership aims to meet customer demands for integrated BMS and HVAC solutions, offering locally commissioned and serviced American-manufactured HVAC products.
Lennox, a leading provider of climate solutions, announced the rollout of low global warming potential (GWP) HVAC products to meet 2025 regulations. The use of environmentally responsible refrigerant reduces global warming potential by 78%, emphasizing sustainability and performance.
The Lennox Feel The Love program, sponsored by the LII Lennox Foundation, allows residents of the U.S. and Canada to nominate community heroes for free heating and cooling equipment installation. Nominations are open until August 31, with past recipients including educators, veterans, first responders, and families in need. Established in 2023, the LII Lennox Foundation aims to improve communities through impactful programs and employee volunteerism. Since 2009, over 2,300 HVAC systems have been donated, totaling $12.6 million in materials. Installation Week is set for October 5-12, 2024.
