New JV to sell VRF and ductless HVAC systems in Canada, U.S.
May 28, 2024
By CCE
Photo courtesy Samsung HVAC.
Heating, ventilation and air conditioning (HVAC) manufacturers Samsung Electronics and Lennox are establishing a joint venture (JV) to sell ductless and variable refrigerant flow (VRF) systems to customers in Canada and the U.S.
Under their agreement, Samsung will own 50.1% of the JV, which is named Samsung Lennox HVAC North America. Lennox will own the remaining 49.9%. The companies have identified synergies as product requirements for ducted and ductless systems move together.
The JV will distribute Samsung’s ductless products in Canada and the U.S., as well as ‘Lennox powered by Samsung’ branded products through Lennox’s stores and direct-to-dealer network. The JV will also continue to supply Samsung-branded products to existing Samsung HVAC distributors and representatives in the two countries.
Samsung expects the JV will help strengthen its position in the North American HVAC market by adding Lennox’s distribution channels, while Lennox hopes to reinforce its business by expanding its product lineup.
Pending customary closing conditions, the JV is expected to be operational in the second half of this year.
