GWA Buys Air-Conditioning Company Brivis For A$50 Million
March 08 2010 - 8:03PM
Dow Jones News
GWA International Ltd. (GWT.AU) said Tuesday it will pay a
subsidiary of United Technology Corp. (UTX) A$50 million for its
Australian air-conditioning unit Brivis Climate Systems.
The deal will be funded from existing bank facilities and is
expected to be completed by March 31., GWA said in a statement.
Melbourne-based Brivis sells ducted climate system for
residential markets, largely in Victoria state, but is also active
in other Australian states, GWA said.
The business will be added to GWA's water heating outfit to form
the a new heating and cooling unit. GWA also provides building
fixtures and fittings to the residential property market.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
ross.kelly@dowjones.com
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