- Shriro Holdings (SHM) shares have sunk on the news it will be transferring its BLANCO kitchenware distributions back to BLANCO Australia
- Shriro did not provide further details as to why the transfer was taking place but it is scheduled for completion for May 2022
- According to Shriro, BLANCO represents roughly 10 per cent of the consolidated group’s revenue
- Shriro Chief Executive Officer Tim Hargreaves says the company’s attention remains on future growth opportunities
- Shriro Holdings shares closed today’s session down 10.4 per cent down to trade at 94.5 cents
Shriro Holdings (SHM) shares have sunk on the news it will be transferring its BLANCO kitchenware distributions back to BLANCO Australia.
BLANCO is a German-based kitchen goods and appliances company that has had a presence in Australia since 1978. It predominantly sells sinks, tapware and kitchen appliances.
Shriro announced to the market today that it would be transferring distributions back to BLANCO Australia, although it did not disclose details about why the transfer was taking place.
Shriro said both parties were “committed to ensuring a smooth and seamless transition” with BLANCO set to take over all operations from May 1, 2022.
According to Shriro, BLANCO represents roughly 10 per cent of the consolidated group’s revenue forms.
Shriro Chief Executive Officer Tim Hargreaves commented on the transfer.
“We thank BLANCO for their co-operation in building the business together and wish them continued success,” he said.
“Our attention remains firmly on future growth opportunities as we continue to
reshape our portfolio of brands to maximise return on capital employed.”
Shriro Holdings shares closed today’s session down 9.95 per cent to trade at 95 cents.