GWA Group Limited
(ASX:GWA) today announced the $ 49 million sale of Brisvis Climate Systems to Rinnai Australia, a subsidiary of Rinnai Corporation.
The Tokyo-listed Rinnai Corpration is a major international manufacturer and supplier of gas appliances.
GWA had identified Brisvis as a non-core asset after a strategic review and had been shopping the air-conditioning systems supplier around both at home and overseas.
The debt and cash free transaction will complete in early Feb with the $49 million sale price in line with the book value of Brisvis.
GWA Group Limited
(ASX:GWA) made a net profit of $18.6 million in the 2014 financial year.
