GWA SELLS BRIVIS CLIMATE SYSTEMS

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

"Like money out of thin air": How Aussies are pocketing hundreds without lifting a finger
Partner Content
It sounds too good to be true, but more and more Australians are discovering that the D...
Investafind
Advertisement

Related Stories

Sunland sells Gold Coast retail precinct The Lanes to Panthera for $45.8 million

Sunland sells Gold Coast retail precinct The Lanes to Panthera for $45.8 million

Developer Sunland's (ASX: SDG) rationalisation of its Queenslan...

Pack your suitcase: ’Do not travel’ advice lifted for outbound Aussies

Pack your suitcase: ’Do not travel’ advice lifted for outbound Aussies

With Australia’s international borders set to progressively r...

Consumers are wise to ‘woke washing’ – but truly ‘transformative branding’ is still possible

Consumers are wise to ‘woke washing’ – but truly ‘transformative branding’ is still possible

With brands increasingly engaging in social change campaigns and le...

Your unvaccinated friend is roughly 20 times more likely to give you COVID

Your unvaccinated friend is roughly 20 times more likely to give you COVID

As lockdowns ease in New South Wales, Victoria and the ACT, and peo...