Business

Wolseley agrees to sell Build Center to Saint Gobain

Wolseley warehouse
Image caption Wolseley said these would be the last major sales to come from its strategic review

Wolseley has agreed to sell its UK building materials distributor Build Center to France's Saint Gobain.

It has also entered exclusive talks to sell its French plumbing and heating unit Brossette to the same company.

The combined price for the two businesses will be £310m.

Wolseley said the sales were the last major disposals following last year's strategic review, which aimed to focus the company on its main markets.

"We will continue to focus and invest in our strongest businesses in core markets including building materials and wood solutions in France and plumbing, heating, pipe, climate and associated businesses in the UK," said Wolseley chief executive Ian Meakins.

Wolseley said it would use the proceeds from the sales to reduce its debt.

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