The company has today announced to the Australian Stock Exchange that it has agreed to sell the Chemical Business that Waterco has with Supermarkets, Mass Merchants and Hardware customers to Pool Resources P/L on 30th June 2008. Pool Resources have agreed to offer all employees in the Chemical business, employment on the same terms and conditions as they currently enjoy with Waterco. This will include transferring all holidays and LSL entitlements from Waterco to Pool Resources. These offers of employment will be made prior to the 30th June.
As part of the sale, Pool Resources becomes responsible for the Bankstown site and takeover the lease.
Waterco will retain the chemical business which supplies independent pool stores and Swimarts. In addition Waterco will sub-lease some space in the Warehouse at Bankstown to store the chemicals for the business they are retaining. Waterco have also offered to warehouse in Qld, Vic, SA and WA, brands that have been purchased by Pool Resources as part of the sale, for 12 months following the sale
It is the intention of both Waterco and Pool Resources to complete the sale process by the 30th June 2008. Until then, Waterco will manage the business and will do so to ensure the ongoing business profitability.