GWA in bid to buy Methven

Company News

by Rachael Jones

Household consumer products distribution company GWA (ASX:GWA) has today taken a significant step towards strengthening its water solutions strategy and accelerated growth opportunities with the proposed acquisition of Methven, a company listed on the Main Board of NZX, via a scheme of arrangement.

Methven is a designer and manufacturer of showers, taps and valves based in Auckland.

The acquisition is consistent with GWA’s strategy to focus on superior water solutions.

The acquisition values Methven at $112 million on an equity value basis and will be funded from GWA’s existing debt facilities.

Shares in GWA (ASX:GWA) are 1.1 per cent higher to $2.80.

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