QEP Completes Sale Of Australia/New Zealand Business
Q.E.P. CO INC (QEPC)
US:NASDAQ Investor Relations:
qepcorporate.com/investors.php
Company Research
Source: GlobeNewswire
BOCA RATON, Fla., March 04, 2024 (GLOBE NEWSWIRE) -- Q.E.P. CO., INC. (OTCQX: QEPC) (the “Company” or “QEP”) today announced that it has completed the previously announced sale of its Australia and New Zealand business (the “ANZ Business”) to QEP Australasia Pty. Ltd. led by Bruce Maclaren and Tony Lei, in a transaction valued at AUD 14.05 million. Bruce Maclaren has served as the Managing Director of the ANZ Business for 20 years including a period of three years as CEO European Operations for QEP based in the UK. Tony Lei has also been involved with QEP for over 20 years as a valued supplier to the ANZ Business and QEP’s other businesses around the world. Executive Chairman of QEP, Lewis Gould, stated, “The closing of this transaction is another significant step to realign our global footprint to drive long-term stockholder value. The proceeds from this and other recent divestitures have been used to substantially eliminate the Company’s debt and provides us with a healthy cash
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