Asia Tech Wire (May 28) -- South Korea's Samsung and U.S. climate control solutions provider Lennox International Inc. (LII) announced a joint venture on Tuesday.

The two companies have signed an agreement to form a joint venture to sell ductless AC and heat pump(mini-split, multi-split, VRF) products in the U.S. and Canada, a statement showed.

The newly formed joint venture will be named Samsung Lennox HVAC North America.

Samsung will own 50.1% of the joint venture and Lennox will own the remaining 49.9%.