Disposal of ?AG, Austria

RNS Number : 5082H

Wolseley PLC

20 May 2014

 



NEWS RELEASE

20 May 2014

Wolseley plc

Disposal of ÖAG, Austria

Wolseley confirms it is in discussions with subsidiaries of Frauenthal Holding AG to dispose of ÖAG, its Austrian plumbing and heating business. 

In the year ended 31 July 2013 ÖAG generated revenue of £239 million and trading profit of £2 million.  The associated net assets being sold are expected to be around £25 million and on completion the transaction is expected to generate a small loss on disposal.  Closing is subject to receiving the approval of the relevant Austrian competition authorities. 

Ian Meakins, Chief Executive of Wolseley, commented:

"This disposal is in line with our resource allocation strategy of focusing on our core operations where we can build significant scale and generate attractive returns.  I would like to thank the staff of ÖAG for their commitment to the business and wish them every success for the future."

 For further information please contact

Wolseley plc

John Martin, Chief Financial Officer	Tel:       [phone]
Mark Fearon, Director of Corporate Communications and IR	Mobile: +44  (0) 7711 875070

Brunswick (Media Enquiries)

Michael Harrison, Nina Coad

Tel:       [phone]

Notes to editors

1.         About Wolseley

Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials in North America, the UK and Continental Europe. Group revenue for the year ended 31 July 2013 was £13,154 million and trading profit was £725 million. Wolseley has approximately 39,000 employees and is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies. For more information, please visit www.wolseley.com or follow us on Twitter https://twitter.com/wolseleyplc.

2.         Financial calendar

Wolseley will announce its Q3 Interim Management Statement for the period ending 30 April 2014 on 3 June 2014.

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