A. O. Smith Corp., a manufacturer of residential and commercial water heating equipment, says it has signed a definitive agreement to acquire Lochinvar Corp., a manufacturer of boilers used in commercial and residential hydronic heating and hot water applications, for $418 million. A. O. Smith will not assume Lochinvar's existing debt.Â
The transaction is expected to close in the third quarter of this year, subject to customary closing conditions and regulatory review.
According to the companies, Lochinvar's product offerings are highly complementary to A. O. Smith's. These product offerings include solar thermal commercial water heaters, among other products.