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A. O. Smith to acquire Lochinvar

A. O. Smith Corporation signed a definitive agreement to acquire Lochinvar Corporation of Lebanon, Tenn., for $418 million and will not assume Lochinvar’s existing debt.

Privately held Lochinvar is a leading manufacturer of high-efficiency boilers used in commercial and residential hydronic heating and hot water applications. A. O. Smith expects the acquisition to be accretive to earnings per share in the amount of approximately $.10 in the fourth quarter of 2011, excluding one-time purchase accounting charges and professional fees related to the acquisition, and in the range of $.40 to $.50 per share in 2012. The transaction is expected to close in the third quarter of 2011, subject to customary closing conditions and regulatory review.

“This acquisition fits squarely within our stated strategy to expand our core product offering with new technologies, which emphasize high-efficiency products that can be applied globally,” said Paul W. Jones, chairman and CEO. “This is a significant first step in growing our diversified global water heating platform and the beginning of the redeployment of the proceeds from the sale of our Electrical Products Company.”

For the 12 months ended June 30, 2011, Lochinvar recorded sales of approximately $200 million and adjusted EBITDA of approximately $45 million.

“The addition of Lochinvar expands our product offering and gives us access to proven high-efficiency boiler technology,” noted Ajita G. Rajendra, president of A. O. Smith Water Products Company. “The $1.1-billion North American boiler industry is in the midst of a transition to the new high-efficiency condensing technology, which we believe is growing several times faster than GDP. We expect high-efficiency boiler products to continue to grow at an accelerated rate for the foreseeable future.

“We also believe there are significant growth opportunities in regions outside of North America, especially in China, for Lochinvar’s higher-efficiency boilers, as more commercial customers seek ways to save energy and reduce operating costs. This opportunity becomes even more compelling when we couple Lochinvar’s leading technology with A. O. Smith’s many years of experience, strong water heater manufacturing platform and prominent brand in China.”

DDI System’s latest release, version 20.0.55.55, includes a number of innovative features combined with advanced technology that helps DDI’s inform software be a comprehensive solution for distributors. Among the new features are:

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