GWA SELLS BRIVIS CLIMATE SYSTEMS

Written on the 15 December 2014

GWA SELLS BRIVIS CLIMATE SYSTEMS

GWA Group Limited (ASX: GWA) has announced it has reached an agreement for the sale of Brivis Climate Systems.

The Brisbane headquartered supplier of fixtures and fittings to households and commercial premises has entered into a binding agreement to sell Brivis to Rinnai Australia (or nominee), a subsidiary of Rinnai Corporation.

The transaction is expected to complete in early February 2015 for a sale price of $49 million.

This price is on a debt and cash free basis and a statement released by GWA states it is in line with the book value of the company.

Rinnai Corporation is listed on the Tokyo Stock Exchange and is a major international manufacturer and supplier of gas appliances.

The GWA Board has previously identified Brivis as a non-core asset following a strategic review and was advised of the sale by Greenstone Partners and Clayton Utz.

 

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter