Masco Corporation Announces Sale of The Heating Group to Vaessen Industries
Masco Corporation (MAS) announced that it has sold its European based The Heating Group for a price of approximately $155 million to an affiliate of Vaessen Industries, headed by Jos Vaessen (the former owner of Vasco !).
The Heating Group, which has been included in discontinued operations in the first quarter of 2008, consists of Vasco, a leading manufacturer of designer radiators, and Brugman International and Superia Radiatoren, leading manufacturers of steel panel radiators. Combined 2007 net sales of The Heating Group were approximately $177 million. More: KWD-globalpipe, 2008-05-06, No.280.