Wolseley looking to exit French building materials business

Wolseley has confirmed it is considering strategies to exit its French business. Text from the announcement, made on 22nd January, follows:

The Group continues to apply disciplined resource allocation principles to all of its businesses and has decided to explore exit options for its remaining building materials business in France. In the year ended 31 July 2014 this business generated revenue and trading profit of £577 million and £7 million respectively and had net assets of approximately £130 million.

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 2014 was £12,773 million and trading profit was £761 million.

Wolseley has approximately 40,000 employees and is listed on the London Stock Exchange and is in the FTSE 100 index of listed companies.

Source : Wolseley
http://www.wolseley.com/index.asp?pageid=69&newsid=492