Woolworths Ltd
(ASX:WOW) and its US improvement partner Lowe’s have acquired a Canberra-based hardware chain, bolstering their market share.
The five stores, which trade as Magnet Mart, have been acquired by Danks, a hardware wholesaler Woolworths and Lowe snapped up late last year.
The Magnet Mart stores, which are located in Australian Capital Territory and New South Wales will be operated by Danks as company-owned stores and will retain their name.
For the year ended 27 June 2010, Woolworths reported a net profit of $2.03 billion.
