skip to main content
Find Insight DIY on
* * *


Wolseley in talks to dispose of ÖAG

Plumbing and heating products distributor Wolseley PLC said it is in talks with subsidiaries of Frauenthal Holding AG about the sale of its Austrian plumbing and heating business ÖAG.

"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," Wolseley Chief Executive Ian Meakins said in a statement.

ÖAG made revenue of £239 million and trading profit £GBP2 million in the year to July 31, 2013. The deal, which needs to be approved by Austrian competition authorities, is expected to generate a small loss on disposal, Wolseley said.

Wolseley shares were up 1.2% at 3,357 pence Tuesday morning, one of the biggest gains in the FTSE 100.

Source : Steve McGrath - London South East

20 May 2014
view more UK DIY News

Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.

Paul Boyce - European CEO, QEP Ltd.

Don't miss out on all the latest, breaking news from the DIY industry