Lochinvar Corp. LLC Chief Executive Officer William L. Vallet, via an affiliated entity, has acquired for $2.7 million a Sidco Drive office/warehouse building as a personal investment, The Tennessean reports.
Gary Semanchik’s Semanchik Properties LLC was the seller.
Lebanon-based Lochinvar is a manufacturer of water heaters, boilers, pool heaters and commercial solar thermal heating systems.
"This strategic cooperation strengthens our presence on the North-American market and shows our focus on this independent brand. Lochinvar is the industry leader in heating and thrives to offer new and innovative technologies in this market. The American market is different. With Lochinvar we have found a partner who brings much important strength. In the exchange for this TiSUN offers its solar thermal system knowledge for over 20 years. Lochinvar has a fantastic sales team, is an expert in the heating industry and has a strong customer base and following," said Mr. Robin M. Welling, TiSUN Director of Sales, customer services and logistics. "We are looking forward to this co-operation of our companies."
"TiSUN is a natural partner choice for Lochinvar, this collaboration harnesses TiSUN’s experience in the solar thermal market and gives us the opportunity to successfully enter the American market as a technological innovator. The American solar thermal market is quickly expanding and will continue to do so exponentially in the future. We feel well prepared for entering this market with the new-found synergy between Lochinvar and TiSUN," said Bill Vallett, President of Lochinvar Corporation.
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