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 the Hotstream joint venture in China, effective December 31, 2001.

“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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