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.

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