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Ferguson PLC (FERG.L, FERGY, WOSCF), a specialist distributor of plumbing and heating products and parent company of Ferguson Enterprises, Newport News, Virginia, the largest plumbing distributor in the U.S., has announced its intention to demerge its UK operations, Wolseley UK.
The company noted that the decision was taken after a detailed review of the Group's assets over several years. On completion of the transaction, Wolseley UK will become an independent listed Company serving residential and commercial trades people and customers.
Following the demerger, Wolseley UK will focus exclusively on customers in the UK market, while Ferguson will be wholly focused on North America.
The company also announced that it has appointed Kevin Murphy as Group CEO, succeeding John Martin, who will step down in November. Murphy was most recently CEO of Ferguson's US operations.