Lennox and Samsung have formed a joint venture to sell ductless AC and heat pump (mini-split, multi-split, VRF) products in the United States and Canada.
The newly established joint venture will be called Samsung Lennox HVAC North America.
Samsung will own 50.1 per cent of the joint venture and Lennox will own the remaining 49.9 per cent.
Lennox will sell "Lennox powered by Samsung"-branded products through its stores and direct-to-dealer network.
As product requirements for ducted and ductless AC and heat pump systems move together, the synergies of having both offerings for customers are becoming greater.
The joint venture brings together Samsung, a trusted global brand with 40 years of innovative HVAC technology, and Lennox, a leading North American HVAC original equipment manufacturer (OEM) and direct distribution leader.
Lennox CEO, Alok Maskara, said the joint venture represents the union of two outstanding brands with strong market positions and deep customer trust.
“It is an honour to work with Samsung as we invest in solutions to meet our customers' HVAC needs,” he said.
“I am excited about the future of this joint venture as part of our growth strategy."
The joint venture will continue to supply Samsung-branded products to the existing Samsung HVAC distributors and representatives in the United States and Canada.
Samsung president & CEO, KS Choi, said the collaboration, which is 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,” Choi said.
The new joint venture is expected to be operational in the second half of 2024; after which, Lennox will purchase VRF, and low-GWP mini-split and multi-split products from the joint venture.
Samsung and Lennox will appoint the joint venture's Chief Executive Officer and Chief Financial Officer, and the business headquarters and operations will be based in Roanoke, Texas.