UPDATE: Methven books $2.7M after cancelling earn-out with Chinese factory owner

Thu, 25 Aug 2016

(Recasts with CEO comment) By Fiona Rotherham Aug. 25 (BusinessDesk) - Listed shower and tapware maker Methven booked a $2.7 million gain in its full-year net profit adjustments after cancelling an earnout agreement with the owner of the Chinese manufacturing facility it bought in 2014. Two years ago the company bought Invention Sanitary, since renamed Methven Heshan, from Hui Zhuang. It reached agreement with him in May last year to cancel an earnout agreement despite hitting the required financial targets set out in the acquisition b...

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