Kitchen and cleaning products distributor GUD Holdings Limited (ASX:GUD) says it will gain $66 million from selling its entire 19.3 per cent stake in electrical products company, Breville Group Limited (ASX:BRG).
GUD bought Breville shares in 2009 for $0.72 per share and yesterday announced it has sold them for $3.35 per share.
Managing Director Ian Campbell says the Breville investment generated very strong financial returns and the GUD board has decided to take the profit and exit this investment.
GUD will consider applying the proceeds to a number of initiatives including internal investment opportunities, potential acquisitions and capital management.
In the first half of the 2012 financial year GUD Holdings net profit slipped 1.3 per cent to $23 million.