British plumber Wolseley seeks exit from France

22nd January 2015, Comments 0 comments

British plumbing giant Wolseley wants to sell its French building materials unit in a move which would herald its exit from France, it said Thursday.

The London-listed firm, which is the world's biggest distributor of plumbing and heating products, added the announcement was part of its ongoing restructuring.

"The group ... and has decided to explore exit options for its remaining building materials business in France," it said in a brief statement to the London Stock Exchange.

A source close to Wolseley, which distributes building materials and bathroom supplies, told AFP what "closure is not an option" for the unit.

Wosleley's French building materials division generated revenues of £577 million ($873 million, 753 million euros) and trading profit of just £7 million in the group's year to July 2014. It has net assets of about £130 million.

Wosleley operates in France under Reseau Pro, Panofrance and Silverwood brands.

© 2015 AFP

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