Greenlee sells interest in Rothenberger USA
Greenlee Textron announced it has sold its interest in Rothenberger to its joint venture partner, Rothenberger USA. The transaction, effective Nov. 23, 2015, allows Greenlee and Rothenberger to pursue their own business opportunities independently. The joint venture was established in 2004 as a 50/50 investment between Greenlee and Rothenberger AG, and specialized in plumbing tools for the North American market.
“While the long-standing joint venture with Rothenberger has dissolved, we remain firmly committed to our customers in the plumbing space and will be continuing the product offering,” said Scott Hall, president and chief executive officer of Greenlee and Textron Industrial Segment.
Customers and distributors will still be able to purchase the Rothenberger-branded products, in addition to the full Greenlee portfolio. Moving forward, Greenlee plans to develop and expand its product offering for the plumbing, pipefitting, HVAC and other mechanical market segments.