Shares in Australian supplier of building fixtures and fittings, GWA Group Ltd (ASX: GWA) have rocketed up 4.4% to $3.88 at the time of writing after the company announced the sale of its door and access systems business today.
The ASX announcement detailed GWA's sale of the business unit to Allegion Australia Pty Ltd for $107 million, comprising of an upfront payment of $102 million and a contingent payment of $5 million when certain transactional arrangements are met.
GWA have said the sell-off will enable strategic focus on superior solutions for water within GWA's bathrooms and kitchens business where strong growth opportunities have been identified.
Shares in building materials peer CSR Limited (ASX: CSR) rose substantially to early May before dropping back after the company announced its full-year results, which despite an NPAT increase of 16%, EBIT rise of 9% and revenue jump of 6% saw shares fall to $5.18 at the time of writing, down 0.7%.
Also in the space Boral Limited (ASX: BLD) shares have been on the decline, down 1.1% to $6.71 at the time of writing after the company announced last week it would sell its concrete and quarries business in Colorado for US$127 million to reduce debt.
