Independent Hardware Group – which operates Mitre 10 and Home Hardware – and Total Tools Holdings will be coming together into a newly-combined hardware operation working as one business, Metcash (ASX:MTS) heralded today.
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The merger will be helmed by Independent Hardware’s Scott Marshall and will see the two heavyweight hardware enterprises come together into a “stronger pillar.”
With the operational status quo now changed, Metcash’s reformed “Total Tools and Hardware Group” will share all leadership and marketing, have one strategy, and “leverage shared customer bases and property opportunities.”
“Combining the businesses underpins our commitment to maximise the opportunities for profitable growth in the sector,” Metcash CEO Doug Jones said.
The expectation, HotCopper understands, is that any established Mitre 10, Home Hardware, and Total Tools storefronts will still operate under the same branding as before, with most changes happening under the hood.
Richard Murray, who last led JB HiFi (ASX:JBH), will depart his role as group CEO.
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Metcash also shared its FY25 guidance alongside the big reshuffle news: Group EBIT is expected to be between $504 million and $508 million while underlying profits after tax should fall slightly above consensus, up to $277M.
On the internal merger news, MTS jumped 4.13% to sell at $3.53/share.
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