LONDON (Reuters) - Travis Perkins (TPK.L), Britain’s biggest building materials group, has sold its wholesale plumbing and heating business to Newbury Investments, a specialist distribution group, for 46 million pounds ($59.7 million), it said on Monday.
The disposal of the Primaflow F&P business is in line with Travis Perkins’ strategy to simplify the group and focus on its advantaged trade businesses.
The sale process is expected to complete at the end of the month and the proceeds will be used to reduce net debt.
Travis Perkins is also planning to demerge its Wickes home improvement division. It said last month this process was expected to be completed in the second quarter of this year.
Shares in the group were up 1.3% at 0947 GMT, taking gains over the last year to 39% and valuing the business at 4 billion pounds ($5.2 billion)
Reporting by James Davey; editing by Kate Holton