Household consumer products distribution company GWA (ASX:GWA) has today taken a significant step towards strengthening its water solutions strategy and accelerated growth opportunities with the proposed acquisition of Methven, a company listed on the Main Board of NZX, via a scheme of arrangement.
Methven is a designer and manufacturer of showers, taps and valves based in Auckland.
The acquisition is consistent with GWA’s strategy to focus on superior water solutions.
The acquisition values Methven at $112 million on an equity value basis and will be funded from GWA’s existing debt facilities.
Shares in GWA (ASX:GWA) are 1.1 per cent higher to $2.80.