Sydney-based GUD Holdings has moved to depart the small electrical appliances market in Australia after 20 years.
The company told the ASX yesterday that it will no longer be involved in the sector after selling its remaining 51% stake in the iconic Sunbeam brand to US-based Sunbeam Products, which trades as Jarden Consumer Solutions.
JCS owns the Sunbeam brand worldwide except for Australian and New Zealand markets, which until now have been owned by GUD which bought them after taking over Sunbream Victa two decades ago.
GUD also said it is selling its 49% share of Jarden Consumer Solutions (Asia) Ltd to Sunbeam.
The sale was ahead of time, and CEO Jonathan Ling said in a statement the company felt the timing was right to depart the sector now, rather than further down the track.
GUD expects to get about $35 million from both transactions, which are expected to complete in July of this year.
Investors liked the news (and the cash?), sending the shares up 9.7% to $7.92 yesterday.
