Headlines

Woolworths, Lowe’s to Exit Australian Venture

Woolworths to buy out Lowe's share

Published

8 years ago

January 18, 2016

Woolworths Ltd. (Bella Vista, Australia) and Lowe’s Cos. Inc. (North Wilkesboro, N.C.) have announced they will be pulling out of their joint venture in Australia’s home-improvement market. The six year combined effort has failed to take on competitor and market leader Bunnings Group Ltd. (Melbourne, Australia).

Bloomberg Business reports Lowe’s is utilizing its right to force Woolworths to buy out the company’s 33 percent share of the venture. Woolworths will sell or close the unit.

The venture has net assets of 2.8 billion AUD and is losing 200 AUD million per year.

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