Rheem and Paloma to acquire Southcorp's Australasian water heater businesses

Rheem Manufacturing and Paloma Industries reached a definitive agreement to acquire Southcorp Holdings' water heater businesses in Australia and New Zealand, the Solahart solar water heater company, and Southcorp's interest in Hotstream (a China JV); the group had about $150 million in annual revenue.

“Rheem Manufacturing Co. here and Paloma Industries, Nagoya, Japan, have reached a definitive agreement to acquire the Australasian water heater businesses of Southcorp Holdings Ltd., effective December 31, 2001.”

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