The joint venture will be distributing Samsung ductless products in the United States and Canada as well as “Lennox powered by Samsung”- branded products for Lennox, which will be sold through Lennox stores and direct-to-dealer network. 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 expects the joint venture will help the company to strengthen its position in the North American HVAC market by adding Lennox’s distribution channels, while Lennox is expected to reinforce its business by expanding the product lineup of innovative ductless systems from Samsung.
Through this partnership, Samsung plans to leverage its leadership in artificial intelligence, software, smartphones and semiconductors to provide more smart home services with Samsung SmartThings’ easy device connection and control for a smarter lifestyle and seamless experience. With SmartThings Energy, users can monitor overall power consumption within the household, while SmartThings Energy’s AI Energy Mode helps save energy consumption of connected home appliances.
Based on innovative products uniquely from the joint venture and through the expansion of distribution channels, Samsung Lennox HVAC North America aims to strengthen its residential and homebuilder business in North America. Furthermore, Samsung and Lennox will continue to seek more partnership opportunities and collaboration with homebuilders across various product categories from home appliances to TV, as well as in device parts and technology.
“This joint venture represents the union of two outstanding brands with strong market positions and deep customer trust. It is an honor to work with Samsung as we invest in solutions to meet our customers’ HVAC needs,” said Alok Maskara, Lennox Chief Executive Officer. “I am excited about the future of this joint venture as part of our growth strategy.”
Pending customary closing conditions, the new joint venture is expected to be operational in the second half of 2024. 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.
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