GUD expects to receive $35 million as a result of these transactions, which are expected to complete in July 2016.

 

The appliance maker says that the sale of GUD’s joint venture interests represents its withdrawal from the small appliance industry.

 

Managing Director, Jonathan Ling, says that this sale, “allows GUD to focus on its other businesses and on pursuing acquisition opportunities to add shareholder value.”

 

GUD Holdings recorded a net profit of $1.09 million at 31 December 2015.