News: GWA $49M strategic sale

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    GWA Group Limited (ASX:GWA) today announced the $ 49 million sale of Brisvis Climate Systems to Rinnai Australia, a subsidiary of Rinnai Corporation. 
     
    The Tokyo-listed Rinnai Corpration is a major international manufacturer and supplier of gas appliances. 
     
    GWA had identified Brisvis as a non-core asset after a strategic review and had been shopping the air-conditioning systems supplier around both at home and overseas. 
     
    The debt and cash free transaction will complete in early Feb with the $49 million sale price in line with the book value of Brisvis. 
     
    GWA Group Limited (ASX:GWA) made a net profit of $18.6 million in the 2014 financial year. 
 
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