Rheem New Zealand announces acquisition of Peter Cocks (2010) Ltd
Rheem New Zealand Ltd has today announced it has signed a conditional agreement to acquire the business and assets of
Peter Cocks (2010) Ltd. The agreement is subject to Commerce Commission clearance. The Commerce Commission is expected
to conduct their investigations over the next two months.
Steve Bullock, General Manager of Rheem New Zealand says Peter Cocks and Rheem are a natural fit with each other.
“Peter Cocks is a specialist water heater manufacturer based in Christchurch and is a very strong South Island brand,
popular with plumbers and consumers. Given the continuing rebuild activity and buoyant local economy we see significant
benefits in having a manufacturing presence in Christchurch,” says Mr Bullock.
Bullock says Peter Cocks has developed a strong position in the electric hot water cylinder market sector, with a wide
range of eco products suitable for connecting to solar panels, heat pumps and wetbacks as well as the standard low
pressure and mains pressure electric cylinders.
“We are committed to maintaining our position as a globally competitive New Zealand manufacturer, and the acquisition of
Peter Cocks will allow us to gain economies of scale and improve our competitiveness as well as expanding our product
range.”
John & Sue Cagney, owners of Peter Cocks are “delighted that Rheem intends to maintain and build on Peter Cocks current
manufacturing capability in Christchurch. Discussions with Rheem have indicated that they will be a very good owner of
the business, and the retention of the presence in Christchurch was an important part of our decision to sell, and is a
tribute to the quality of the local team.”
ENDS