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York International


said Tuesday that a sale of the company won't be one of its options as it looks to increase shareholder value.

York, a maker of air conditioning, refrigeration, ventilating and heating products had hired

UBS Warburg

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to help explore strategic alternatives, including the possible sale of the company.

"After discussions with our financial and other advisers, the board determined that indications from potential buyers did not adequately reflect the value of the company's shares or were determined to involve unacceptably high regulatory risks," the company said in a statement. "Accordingly, the board unanimously determined to conclude the process and has directed management to continue to aggressively pursue improvements in operating performance."

The company, which will remain independent, said it will announce the sale or closure of certain operations in the coming months to streamline its operations. The company has recently closed four plants and introduced a number of new products to try to improve earnings from operations.

Shares of York fell 31 cents, or 0.9%, to $32.55 in recent

New York Stock Exchange