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