MILWAUKEE, Dec. 19 /PRNewswire-FirstCall/ -- A. O. Smith Enterprises, Ltd. (Canada), a wholly owned subsidiary of A. O. Smith Corporation, today announced it has completed the sale of GSW Building Products Inc. to a subsidiary of Euramax Holdings, Inc., of Norcross, Ga.
Net proceeds of the sale were approximately $11.3 million (U.S.) and are subject to adjustment based on final working capital balances.
GSW Building Products Inc., with 2005 sales of approximately $30 million (U.S.), manufactures and markets vinyl rain ware systems primarily for North American retail customers. The unit is located in Barrie, Ontario, and employs approximately 100 people.
A. O. Smith obtained the business in April 2006 as part of its acquisition of GSW Inc., a manufacturer of residential and commercial water heaters. At the time of the acquisition, A. O. Smith stated that, consistent with its strategy, the company would continue to concentrate on its core water heater and electric motor businesses and would explore its strategic alternatives regarding the Building Products segment. GSW Building Products has been reported as a discontinued operation in A. O. Smith's financial statements.
A. O. Smith Corporation , with headquarters in Milwaukee, Wis., is a diversified manufacturer serving customers worldwide. The company is one of the world's largest manufacturers and marketers of residential and commercial water heating equipment and a leading manufacturer of electric motors. A. O. Smith employs approximately 19,500 people at facilities in the United States, Mexico, China, Canada, and Europe.
