Davey Acquired Spa-Quip

05.08.2004

Davey Products Pty Ltd, a leading designer and manufacturer of water pumps and systems in Australia has acquired the New Zealand based Spa-Quip Limited.

The acquisition became effective on May 1, 2004.

Spa-Quip is Australia's and New Zealand's foremost manufacturer and supplier of pumps, filters, electronic controllers, and associated components to the growing spa pool segment of the pool and spa market. Spa pools are becoming increasingly popular as house block sizes reduce and as consumers look to improve their leisure choices at home.

All major spa pool manufacturers in the home markets of Australia and New Zealand are customers of Spa-Quip. From its base in Auckland Spa-Quip also has a growing export business in Europe and the Americas.

Spa-Quip has led the industry in recent times in the development of sophisticated electronic controls that allow consumers to more fully enjoy their spa experiences.

For a brief view of their range visit:

www.spa-quip.co.nz

Spa-Quip's product range and customer base complement Davey's long-established pool and spa activities. The electronic control technology developed by Spa-Quip potentially strengthens Davey's product offerings to spa bath customers while Davey's international distributor network provides opportunity to grow Spa-Quip's sales in previously untapped regions.

Davey is a member of the GUD Holdings Limited group. The acquisition of Spa-Quip underlines GUD's intent to grow its businesses with commonsense, value creating acquisitions.

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Davey Lifted Profitability

05.08.2004 -

According to the Full Year Results Announcement of GUD Holdings Limited for year ended 30 June 2004, Davey lifted profitability despite a combination of lower returns from export markets and a more subdued market for Firefighter® pumps in Australia.

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