AUSTRALIA: Woolworths Ltd Completes HTH Sale To Metcash

Woolworths Ltd has completed the sale of its Home Timber and Hardware banner to Metcash, as part of its announced exit from home improvement market. The deal was worth A$165m.

Ian Morrice, CEO of Metcash, noted: “The increased scale of the combined Mitre 10 and Home Timber and Hardware businesses, together with the opportunity to realise significant efficiencies, will enable us to be more competitive and deliver a better outcome for both our hardware retailers and their customers”.

The deal initially faced opposition from the Australian competition regulator, but was approved in July after Metcash promised to let the independent HTH stores buy products from other sources.