U.S. company to acquire GSW (January 23, 2006)
Canadian PlasticsCanadian Plastics
A.O. Smith Corp of Milwaukee announced it has made a bid to acquire Oakville, Ont.-based GSW Inc. from its majority...
A.O. Smith Corp of Milwaukee announced it has made a bid to acquire Oakville, Ont.-based GSW Inc. from its majority shareholders. The potential deal is worth some $395.5 million.A.O. Smith said it will pay some $115 a share for stock held by GSW’s two major shareholders.According to news reports, A.O. Smith is buying GSW for its water heater manufacturing and sales operations.GSW is a public company with a history of manufacturing consumer durable products in North America. GSW has two business segments – Water Products and Building Products.Some 1,700 persons are employed with GSW, with 500 in the water heater plant in Fergus, Ont. and another 1,100 in the Johnson City Tenn.-based water heater plant; and 100 employees in Barrie, Ont. who work for GSW’s thermoplastic forming and building materials manufacturing operations.Products produced by this part of the business are Rain Master Vinyl Rainware, TuffFlow Vinyl Gutter Systems and YardCrafters Railing Systems.