Woolworths sells off Home Timber & Hardware

SYDNEY ― Woolworths has finalized the sale of its Home Timber & Hardware banner to wholesaler Metcash for $165 million, the Australian Business Review reports, as part of its strategy to divest itself of its hardware holdings. That plan has also seen a fire sale at the ill-fated Masters Home Improvement joint venture, whose stores’ inventory will be cleared out by early December. Sale of the Masters properties, however, is being held up by a dispute with JV partner Lowe’s, which is challenging Woolworths asking price in court. With the acquisition of Home Timber & Hardware, Metcash will now have a $2.2 billion share in home improvement sales. Its other banners consist of Mitre 10, True Value Hardware, and Thrifty Link, in addition to its wholesaling to independents.