UPDATE 1-Lennox to buy Manitowoc's refrigerated systems business
* To buy Kysor/Warren for about $138 million
* Deal expected to close in Q1 2011
* Deal to add 3 cents Lennox's EPS in 2011
Dec 15 (Reuters) - Heating and cooling systems maker Lennox International Inc (LII.N) agreed to buy Manitowoc Co Inc's (MTW.N) refrigerated systems business Kysor/Warren for about $138 million to expand into the refrigeration market.
The deal is expected to add 3 cents per share to Lennox's profit in 2011 and 12 cents per share in 2012, the company said.
Kysor/Warren had $145 million in revenue for 2009, and 2010 revenue will exceed $190 million, Lennox said.
In a separate statement, Manitowoc said it would use net proceeds of about $100 million from the sale to further reduce its secured debt and financial leverage.
The deal is expected to close in the first quarter of 2011, the companies said.
Shares of Wisconsin-based Manitowoc closed at $13.09 while those of Lennox closed at $47.09 on Tuesday on the New York Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Roshni Menon)
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