MLX Corp., Troy, Mich., said it is...

MLX Corp., Troy, Mich., said it is acquiring Rheem Manufacturing Co., the largest U.S. manufacturer of residential furnaces and water heaters, for $825 million in cash and MLX common stock. New York-based Rheem, which also is the second-largest U.S. maker of residential central air-conditioning systems, markets its products under the brand names Rheem, Ruud, Raypak and Richmond and had sales of about $725 million in 1986. An as-yet unnamed MLX subsidiary will be formed and merged with Pace Industries Inc., parent company of Rheem.