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Rob Pryde, Managing Director, Deva |
Methven, New Zealand’s leading designer, manufacturer and supplier of tap and showerware has entered a conditional agreement to buy The Deva Tap Company. The acquisition will see Methven more than triple its direct distribution for its range of showering products through Deva’s trading relationships with most of the UK’s major plumbing and building merchants and DIY groups.
It will also see Lancashire-based Deva - the UK's largest independent supplier of bathroom, kitchen and shower brassware - become the centre-piece of Methven’s European growth strategy.
Deva in turn will benefit from cost savings in procurement, engineering, quality assurance and product sourcing whilst expanding its product development capabilities across a wider market with selected products going to strengthen Methven’s Australasian offering.
“We have long achieved excellent growth in what is a competitive UK brassware market,” explains Deva Managing Director Rob Pryde. “Our success is founded on a quality, cost competitive offering and responsive customer service under a capable and committed management team which will remain with the business.
Methven Chairman, Richard Cutfield, continues: “As an ambitious growing business, our acquisition of Deva will enable us to further leverage our strategic capabilities in design innovation and branding on an international level whilst increasing shareholder value.”
The Deva Tap company’s Lancashire headquarters and distribution site will continue to operate under is existing identity and the will be no job losses.
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