黑洞社区 materials giant gets even bigger after it buys four companies in North America and Europe

Wolseley has further expanded its international business with a 拢41m spending spree in North America and Europe.

The building materials company, which is a member of the FTSE 100, has bought two plumbing and heating distribution companies in the USA, another in Canada, and a distribution business in France.

These acquisitions bring the number of purchases to 10 since the beginning of its financial year on 1 August.

The total price of these buys has been 拢183m, and Wolseley expects to achieve an additional 拢290m of sales from them in a full year.

The biggest of the four businesses acquired was US-based Parnell-Martin Management, a plumbing products distributor with operations in Virginia, North Carolina, Georgia and Florida. It achieved sales of $93m (拢49.6m) for the year to 31 December and will increase Wolseley鈥檚 market share in the region.

In France, Wolseley bought BML, which distributes products for public works schemes.

Charles Banks, chief executive of Wolseley, said: 鈥淭hese bolt-on acquisitions will further strengthen our presence in Europe and North America, and they support our strategy of growing the business through acquisition and organic growth.鈥�

Our strategy is to grow through acquisition and organic growth

Charles Banks

He added that, with seven months to go, Wolseley is well on its way to achieving its 拢200m investment target for this financial year.

Banks said that he was confident about the state of the construction and housing markets: 鈥淚f you look at the projections for the UK economy, US construction and US jobs, we still feel good.

鈥淚t is not likely that interest rates will grow dramatically, and that drives housing. The market is still pretty healthy.鈥�

Wolseley鈥檚 turnover was 拢10.1bn last year, of which 拢2.1bn was achieved in the UK. Banks said his aim was to improve sales and profit 10% every year.

Wolseley鈥檚 activities are part of a consolidation trend in the sector. Last month it lost out to fellow FTSE 100 company Hanson in its bid to buy DIY chain Wickes for 拢950m. Banks said such bids were all part of the expansion process.