Lennox International acquires Country™ Stoves; expands specialty hearth retail channel
DALLAS, TX (October 2, 2006) - Seeking to significantly grow its specialty hearth retail channel, Lennox International has acquired Country Stoves, a leading retail heating stove manufacturer based in Auburn, Washington. Founded in 1977, Country Stoves makes a complete line of gas, wood, and pellet stoves, fireplaces, and fireplace inserts for the hearth retail market.
"We're partnering with a team of great people and great products," said Wendy Howells, vice president and general manager, Lennox Hearth Products (LHP). "We have been highly successful in the residential new construction market, and there is significant room for us to grow our retail business as well. The acquisition of Country™ Stoves provides us with a broad and profitable line of products already well respected by hearth retailers across the country, as well as being complementary to our current product offerings."
Howells noted that LHP's stove offering was currently somewhat limited and the acquisition of Country Stoves provided LHP with a full line of retail-oriented stoves, inserts, and specialty fireplaces, with minimal product redundancy.
"Our research shows tremendous potential for LHP to grow in the retail hearth market," Howells said. "Studies also point to an especially strong wood stove market over the next five years due to energy prices and increased focus on alternate energy sources. The acquisition of Country Stoves is a unique and timely opportunity to partner with a long-time, well-respected, and profitable name in the hearth retail marketplace."