Press release from Marketwire
RONA Completes Sale of its Commercial and Professional Market Division to Talisker Plumbing Corporation
Monday, October 21, 2013
RONA Completes Sale of its Commercial and Professional Market Division to Talisker Plumbing Corporation09:49 EDT Monday, October 21, 2013
BOUCHERVILLE, QUÉBEC--(Marketwired - Oct. 21, 2013) - RONA inc. (TSX:RON)(TSX:RON.PR.A), announces that it has sold the assets of its Commercial and Professional Market Division specializing in plumbing, heating, ventilation and air conditioning (HVAC) systems to Talisker Plumbing Corporation.
The transaction takes effect on October 21, 2013 and is in line with the Corporation's strategic priorities, which are focused on unlocking the full potential of its retail and distribution business.
The sale of the Commercial and Professional Market Division, announced in a press release on June 20, 2013, was conditional on the approval of regulators. The disposition resulted in cash proceeds of $214 million, subject to working capital adjustments.
Note that when it announced its second quarter 2013 financial results, RONA classified the Commercial and Professional Market Division as a discontinued operation.
RONA is a Canadian distributor and a retailer of hardware, home renovation and gardening products. The Corporation operates a network of close to 800 corporate, franchise and affiliate retail stores of various sizes and formats under different banners, and a network of 14 hardware and construction materials distribution centres. With close to 28,000 employees, the RONA store network generates consolidated sales of $4.9 billion. Data as at June 30, 2013. For more information, visit rona.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Senior Advisor, Communications and Public Affairs
514-599-5900, ext. 5271
Vice-President, Finance and Investor Relations