Reliance Worldwide buys UK’s John Guest for $1.2b

Company News

by Rachael Jones

Reliance Worldwide Corporation (ASX:RWC) announced today that it has entered into an unconditional agreement to acquire all the issued shares of UK based global fittings manufacturer, John Guest Holdings.

It’s for a cash purchase consideration of $1.22 billion.

RWC (ASX:RWC) is a leading global manufacturer and supplier of premium-branded engineered water delivery, products and solutions for plumbing applications and a leading manufacturer in the world of brass PTC plumbing fittings.

John Guest is headquartered in the UK and is a global leader in plastic PTC fittings, with products and operations that are highly complementary to RWC.

Shares in Reliance Worldwide Corporation (ASX:RWC) closed down 1.72 per cent to $4.56 yesterday
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.