Reece snaps up New Zealand plumbing businesses

Company News

by Anna Napoli

Plumbing and bathroom supply company Reece (ASX:REH) has announced the acquisition of New Zealand plumbing business Edward Gibbon and Zip Plumbing Plus stores.

Edward Gibbon has 10 stores in the main centres of New Zealand’s south and North islands, while Zip plumbing has Christchurch and Takanini  stores.

The company says the acquisitions will provide Reece further expansion into New Zealand’s $7 billion hardware and building supplies industry.

Under the agreement the business’s existing management will remain in place for the immediate future, with completion expected towards the end of July.

The deal comes hot on the heels of the company’s $1.9 billion dollar takeover of US plumbing business MORSCO last month..

Shares in Reece (ASX:REH) 0.66 per cent higher to $12.28

 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.