Lennox International and Outokumpu Complete Joint Venture Agreement

Lennox International Inc. (LII) has completed the formation of Outokumpu Heatcraft, a joint venture with Outokumpu Oyj of Finland. Outokumpu has purchased a 55% interest in a major portion of LII’s heat transfer business segment for $55 million, with LII retaining 45% ownership. As part of the agreement, a separate 50-50 technology partnership will be established to strengthen the leadership position in heat transfer technology for both partners. After a period of three years, Outokumpu will have the option to purchase the remainder of the business contingent upon several factors, including operating performance of the joint venture. For more information, contact Karen O'Shea, LII vice president, communications and public relations, at 972/497-5258.