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‘Definitive agreement’ in AO Smith-Lochinvar deal

AO Smith has announced the signing of a definitive agreement to acquire Lochinvar Corporation in a deal worth $418 million (£257 million).

The acquisition will include the Lochinvar UK operation, based in Banbury, the company said.

“This acquisition fits squarely within our stated strategy to expand our core product offering with new technologies, which emphasise high-efficiency products that can be applied globally,” said AO Smith chairman and chief executive officer Paul Jones.

The purchase is also expected to allow opportunities to be explored in the $1.1 billion North American boiler industry as it shifts to condensing technology.