A series of online interviews with hydronic executives and how they see the industry changing.
Reed: First, you have to define "replacement." We find that a substantial amount of our boiler business goes to pure replacement. But if you consider the hydronic market past the point of the boiler, and take into account all the other aspects of heat distribution, then a lot of our business goes to "modernization," or "additions," in other words the type of remodeling that you really can't simply label as replacement.