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Rheem applies for clearance to acquire Peter Cocks

Rheem applies for clearance to acquire Peter Cocks

Rheem New Zealand Limited (Rheem) has applied to the Commerce Commission for clearance to acquire the business and assets of Peter Cocks (2010) Limited (Peter Cocks).

The proposed acquisition relates to the parties’ activities in the manufacture and distribution of electric storage water heaters for residential and commercial use.

Rheem, which forms part of the Japanese-based Paloma group of companies, manufactures a full range of water heaters for distribution throughout New Zealand. This includes electric, gas and solar water heaters. Rheem also produces tubular electric water heater elements through its Hermetic New Zealand division.

Peter Cocks, a privately-owned family business, manufactures electric water heaters, and solar capable hot water cylinders, for distribution mainly in the South Island.

A public version of the application is now available on the Clearances Register.

Background

When considering a proposed merger, the Commission must determine whether the competition that would be lost with the merger would be substantial.

We will give clearance to a proposed merger only if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

A fact sheet explaining how the Commission assesses a merger application is available on theclearances page.

ENDS

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