Rheem and Paloma acquire Southcorp's Australian/Asian water heater business

Rheem Manufacturing Co. and Paloma Industries agreed to acquire Southcorp Holdings' Australian and Asian water heater businesses, including Solahart and a stake in China JV Hotstream; ~1,400 employees and ~$150M revenue. Excludes Southcorp's American Water Heater Co.

“Rheem Manufacturing Co. and Paloma Industries (Nagoya, Japan) have reached an agreement to acquire the Australian and Asian water heater business of Southcorp Holdings Ltd. The acquisition was effective Dec. 31, 2001.”

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