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Ferguson to offload Wolseley UK for £308m
StockMarketWire.com
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Ferguson is selling its British heating and plumbing operation, Wolseley UK, to Clayton, Dubilier & Rice.
The move is designed to allow Ferguson to focus exclusively on the North American market, the company said in a statement to investors.
Kevin Murphy, chief executive of Ferguson, said the transaction further simplifies the group which now plans to focus entirely on developing its business across North America.
Mr Murphy said the company believes the continent to have the greatest opportunities for profitable growth.
The disposal of the company is expected to be completed at the end of January 2021 for approximately £308m, but responsibility for the UK defined benefit pension scheme will remain with the Ferguson Group.
We are confident the business will benefit from working with its new owners, Mr Murphy added. We wish them all the very best for the future. At 2:02pm: (LON:FERG) Ferguson PLC share price was 0p at 7992p
Story provided by StockMarketWire.com
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