Woolworth’s, Lowe’s pour $150M into Masters

SYDNEY — Woolworth’s and Lowe’s have injected an additional $150 million into their loss-making joint venture Masters Home Improvement, just ahead of the date after which Lowe’s can sell its 33% stake. Documents filed with the Australian Securities and Investments Commission and obtained by the Sydney Morning Herald show that Woolworth’s invested $70 million and Lowe’s $35 million on September 30, the fifth time the partners have boosted the struggling chain’s capital this year. From October 20, Lowe’s is permitted under the partnership’s terms to sell its one-third of the business provided it gives 13 months’ notice.