GWA Group has announced that it will sell Dux Manufacturing to Japan’s Noritz Corporation for $46 million.
Established in Kobe, Japan, in 1951, Noritz is a Tokyo Stock Exchange-listed manufacturer of household water heaters for residential and commercial use.
GWA is Australia’s leading supplier of fixtures and fittings to households and commercial premises.
According to the ASX Announcement, the sale price is in accordance with the book value of Dux Hot Water, the key asset of Dux Manufacturing.
The sale agreement is subject to usual terms and conditions and is expected to be finalised during December 2014.
Greenstone Partners, Deloitte and Clayton Utz advised GWA on the Dux Hot Water sale transaction.
GWA announced a restructure of its manufacturing operations last month that will see it axe around 10 per cent of its Australian workforce, reports The Business Spectator. The company also plans changes to its supply chain.
GWA Group Limited is the owner of an extensive range of well-known brands including Caroma, Dorf, Fowler, Stylus, Clark, Radiant, Irwell, Dux, Brivis, Austral Lock, Gainsborough, Gliderol and API Locksmiths, and is the exclusive Australian distributor of other brands including Hansa.
For further information, please go to http://www.gwagroup.com.au/
