Methven agrees to buy Chinese manufacturer to improve margins, profits

Mon, 29 Jul 2013

By Tina Morrison July 29 (BusinessDesk) – Methven, the tapware maker, will buy its Chinese manufacturer for as much as US$10 million, which it says will improve margins and profits. Auckland-based Methven agreed to buy Heshan, Guangdong province-based Invention Sanitary for four times the manufacturer’s profit in the 12 months ending June 30, 2014, up to a maximum of US$8 million before potential earn-outs, the company said in a statement. Methven is exercising its right to buy the business after founder Hui Zhuang decided to retire. The b...

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