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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
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