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.