Wolseley taps in to US growth
12 April 2012
SUNNY Florida and the south-eastern states of the US have been targeted by Wolseley, the world's biggest distributor of heating and plumbing equipment. It has bought Tampa-based Clayton for $110m (£77m).
Clayton is the fourth-largest wholesale distributor of waterworks, waste water and storm drainage products in the US with sales of $226m. It has 31 branches in Florida, Louisiana, Texas, Arkansas, Georgia and Mississippi. Florida accounted for 70% of revenues last year.
The bolt-on cash acquisition will fit in with Wolseley's Ferguson division, which is part of the group's North American plumbing and heating division. It has 894 outlets in 48 states with sales of £3bn last year.
Wolseley shares jumped 24p to 738p.
