NEW YORK, NY — 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. Rheem says the purchases further solidify its position as one of the world’s leading producers of storage water heaters for residential and commercial applications.
The acquisition includes Southcorp’s water heater businesses in its home base of Australia, as well as in New Zealand, plus its solar water heater company, Solahart, also based in Australia. In all, Rheem operates three water heater production facilities in Australia and New Zealand. In addition, the acquisition included Southcorp’s interest in Hotstream, a joint venture in China.