SAINT-Gobain has revealed it has entered into binding agreements for the sale of three of its remaining four UK distribution brands specialised in plumbing, heating and sanitaryware products to Wolseley UK: Neville Lumb, DHS and Bassetts.
Completion is expected in early 2022.
Saint-Gobain added that it has also entered into exclusive negotiations for the sale of Ideal Bathrooms with Wolseley UK.
Together, the four brands employ 485 people and have 25 outlets, generating a turnover of approximately €130 million in 2020.
On successful completion of these transactions, Saint-Gobain will no longer have any distribution brands specialised in plumbing, heating and sanitaryware products in the UK.
These transactions are described as being part of Saint-Gobain’s ‘portfolio optimisation strategy’ to enhance the group’s growth and profitability profile in line with the ‘Grow & Impact’ plan objectives.
Mike Chaldecott, CEO of Saint-Gobain UK & Ireland, said, “This sale is part of Saint-Gobain’s strategy to create a focused portfolio of businesses directed towards high growth markets, with the expertise to make the world a better home and help us achieve our vision to be a leader in light and sustainable construction.”