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If you're in the market for a new air-conditioning system, you'll soon have a new partner in your corner.
Samsung has announced a joint venture with Lennox that will see the South Korean electronics giant take a 50.1% stake in Samsung Lennox HVAC North America and the heating, ventilation, and cooling company take the remaining 49.9%, Bloomberg reports.
The venture, which is expected to be up and running in the second half of 2024, will be "the first step in a long-term partnership to take the first step in the US and Canada market," KS Choi, the chief executive of Samsung Lennox North America, says in a press release.
Lennoxwhich is based in Lennox, Conn., and has been in the heating, ventilation, and cooling business for more than 40 yearswill be responsible for marketing and sales in the US and Canada, while Samsung will be responsible for marketing and sales in South Korea, China, Hong Kong, Macau, and Taiwan.
The companies say the new venture will "provide outstanding lifestyle heating and cooling solutions" to customers in the US and Canada, per the press release.
But not everyone is excited about the new venture.
One expert tells Bloomberg that Lennox is a "great addition" to Samsung's existing
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