Lowe’s will buy a company that makes cooling coatals for mobile homes.
The deal is expected to close in the fourth quarter of 2019.
The deal includes the installation of an electric-powered air-conditioning system for a Lowe’s store in Dallas.
The deal was announced by Lowe’s Chief Executive Bill Lowe on Wednesday.
Lowes also announced plans to spend $5 billion over the next five years to expand its network of customer service centers.
The company is seeking to buy more than $1 billion worth of inventory from other companies.
In addition to the Lowe’s acquisition, Lowe’s said it will spend $50 million to purchase a third of its mobile home business.
LOWES AT ONCE SOLD COMPANY IN DALLASLowes said in the filing that it will sell its remaining 50% interest in the company, called Flex, for about $600 million.
That transaction is expected in the first quarter of 2020.
Flex is the umbrella name for three mobile home companies: Lidslow Mobile Home, M-C Home, and Home Energy.
Lidslow, which makes air conditioning for homes in central Florida, had been in talks with Lowe’s about a potential sale for several years, according to the filing.