Wolseley's Tobler completes Swiss merger

Wolseley completed the partial divestment of Tobler, its Swiss plumbing and heating business, on Friday.

Tobler merged with Swiss heating and air conditioning systems rival Walter Meier after the deal was given the green light by Walter Meier's shareholders and Swiss competition authorities, and achieved appropriate financing.

Wolseley will now have only a minority interest of 39.2% in the combined business and any share of profits after tax will be accounted for in future results as an associate.

In the year to 31 July 2016, Tobler generated £235m of revenue and £15m of trading profit.

In July this year, Wolseley will change its name to Ferguson Plc, aligning with its US brand, which is the company's largest market where it generates 84% of trading profit.