GUD Holdings sells stake in Sunbeam business

Company News

GUD Holdings Limited (ASX:GUD) has agreed to sell its 51% stake in Sunbeam Corporation Limited, and its 49% share of Jarden Consumer Solutions (Asia) Limited to its US-based joint venture partner, Sunbeam Products Inc.
 
GUD expects to receive $35 million as a result of these transactions, which are expected to complete in July 2016.
 
The appliance maker says that the sale of GUD’s joint venture interests represents its withdrawal from the small appliance industry.
 
Managing Director, Jonathan Ling, says that this sale, “allows GUD to focus on its other businesses and on pursuing acquisition opportunities to add shareholder value.”
 
GUD Holdings recorded a net profit of $1.09 million at 31 December 2015.