Reece completes $1.9b MORSCO deal

Company News

by Anna Napoli

Australia’s leading supplier of bathroom and plumbing products Reece (ASX:REH) has completed its $1.9 billion acquisition of MORSCO.

The purchase marks the company’s entry into the US market through MORSCO’s strategic platform of 171 branches across the US

MORSCO is a distributor of plumbing, waterworks and heating and cooling equipment.

The purchase was funded through a combination of debt and equity.

MORSCO will be run separately to Reece Group’s Australian and New Zealand businesses with the existing MORSCO management remaining in place.

Shares in Reece (ASX:REH) closed down 0.24 per cent to $12.62 yesterday.