PDF《reports have been updated:》

2011 Furnace Market Reports Countries covered: USA, Canada. Products covered inthe reports include: Gas Condensing Furnaces, Gas Non Condensing Furnaces, Electric Furnaces, Oil Furnaces.

2011 Air Conditioner Market Reports Countries covered: USA, Canada. Air conditioner types covered in the reports include: Condensing Units, Air Handlers, Air-Air Heat Pumps, Residential Package Units, PTACs, Mini-Splits, Window/Wall Units, Portable Air Conditioners, VRFs.

2011 Radiator Market Reports Countries covered: China, France, Germany, UK, Italy, Spain, Belgium, Netherlands, Austria, Sweden, Poland, Russia, Czech Republic, Turkey. Radiator types covered in the reports include: Steel Panel, Towel Warmers, Aluminium, Cast Iron, Decorative, Other Steel, Fixed Electric Heat Emitters.

2011 Biomass Boiler Market Reports Countries covered: USA, Canada, France, Germany, UK, Italy, Spain, Belgium, Netherlands, Austria, Sweden, Poland, Russia, Czech Republic, Turkey. Boilers covered in the reports include: Fossil Fuel/Universal, Logwood/Bifuel, Pellet, W oodchip, Other. To obtain these product summaries and forecasts, a table of contents, or for more details about the report contents or our new database, please contact us at [email protected] New this year!!! We are currently researching the boiler, water heater and solar thermal markets in the following regions/countries: The Middle East: - Saudi Arabia, UAE, Bahrain, Oman, Qatar, Kuwait Other Countries in the Americas - Mexico, Brazil, Argentina, Chile, Colombia. To receive more information about the products covered in the Middle Eastern and South American (or other country) reports, the publication dates on these, or for further questions, please contact us at [email protected]. Source: BRG Building Solutions

2 AO SMITH to Acquire LOCHINVAR CORPORATION

19 July 2011: AO SMITH CORPORATION today announced it has 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. AO 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, Paul W. Jones, chairman and chief executive officer, observed. 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 purchase price represents an adjusted multiple of 7.5 times EBITDA when taking into account the estimated $80 million of tax benefits that AO SMITH will receive as a result of treating the transaction as a purchase of assets for tax purposes. In addition to the fixed purchase price, privately held LOCHINVAR'

s shareholders could earn up to an additional $35 million if certain revenue objectives are achieved by November 2012. AO SMITH expects to achieve approximately $10 to $15 million of annual synergies over the next few years from purchasing economies and potential global expansion opportunities. The addition of LOCHINVAR expands our product offering and gives us access to proven high-efficiency boiler technology, Ajita G. Rajendra, president of A. O. SMITH WATER PRODUCTS COMPANY, said. 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, he continued. 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'