Rona to divest HVAC and plumbing division in $200+ million deal
Quebec, Canada -- Canadian home-improvement chain Rona Inc. said Thursday it has reached an agreement to sell off its plumbing, heating, ventilation and air conditioning business to Emco Corp. in a deal worth about $207 million.
The division sells plumbing, heating, ventilation and air conditioning systems to commercial and industrial construction customers. The move is expected to add additional financial stability to the company, which is in the midst of a three-year turnaround plan.
Earlier this year Rona reshuffled its board and named a new CEO following its rejection of an unsolicited $1.7 billion takeover bid from Lowe's.