Page 12 - Climate Control News magazine February 2023

World News
Strategic shift at Lennox,
LEFT: Lennox International HQ.
years in the residential business in general management, sales, product, and marketing leadership roles.
From 2007 to 2017, he led the Lennox residential business, during which time the business experienced consistent market share gains.
Lennox CEO Alok Maskara, said Bedard is a seasoned leader with a long track record of success over his 24 years at Lennox.
"Our residential business is well-positioned for long-term share growth and margin expansion under his leadership."
Maskara also thanked Young for his leadership which led to a number of remarkable milestones for the residential segment.
Revenue doubled to more than $3 billion, profit tripled to more than $600 million, and profit margin expanded more than 600 basis points to over 18 per cent, he said.
The company also announced the decision to explore strategic alternatives for its European commercial HVAC and refrigeration businesses, which represent approximately five per cent of the company's revenue.
"This decision is consistent with our focus on North America, where we are best positioned to achieve our revenue growth and profit margin targets," Maskara said.
The company will continue to invest in its high-performing North American Heatcraft Refrigeration Products (HRP) business, which will become part of the commercial segment under the leadership of Joe Nassab.
"With an even sharper focus on North America, Lennox has significant opportunities ahead to accelerate profitable growth over the coming years,” he said.
LENNOX INTERNATIONAL HAS APPOINTED GARY BEDARD AS PRESIDENT OF THE RESIDENTIAL BUSINESS SEGMENT, EFFECTIVE 1 JANUARY, 2023.
BEDARD SUCCEEDS DOUG Young, who is retiring following a distinguished 24-year career at the company. Young's retirement is effective 30 June, 2023, to ensure a seamless transition and maintain momentum on critical business initiatives, including share gain opportunities.
For the last five years, Bedard led the refrigeration segment and previously spent 19
executive changes
Beijer Ref moves into North America
SWEDISH WHOLESALER BEIJER Ref has moved into the North American market with the acquisition of Heritage Distribution Holdings in a $US1.27 billion deal.
Heritage Distribution is a leading HVACR distributor in the United States with 64 branches in 10 states. Headquartered in Atlanta, Georgia, Heritage Distribution has approximately 800 employees.
The company’s turnover for the twelve months to the end of 30 September was $636 million.
The Heritage Distribution group also includes Tennessee-based Coastal Supply
Company and NuComfort of Chicago, Illinois. Beijer Ref CEO, Christopher Norbye, said the acquisition constitutes an important strategic
step for Beijer Ref.
“The North American market is highly
fragmented and Heritage Distribution offers an excellent platform from which we can continue to drive consolidation,” he said.
The sale is expected to close in Q1 2023.
Beijer Ref has undergone massive expansion over the last 20 years creating dominant positions across Europe, Africa, Asia and Oceania.
Beijer Ref CEO, Christopher Norbye.
CLIMATECONTROLNEWS.COM.AU
12