Vector Sells HRV Business to Franchisee-Management Consortium

MT Newswires Live

08/01

Vector (NZE:VCT) has divested its underperforming HRV division to a consortium of current franchisees and management in a NZ$2.5 million deal, marking a strategic shift to refocus on its core operations, according to a Friday filing with the New Zealand bourse.

The HRV business, which offers ventilation, air conditioning, water filtration, and electric vehicle charging services, has faced ongoing performance challenges, leading the company to write off its goodwill in 2019, the filing added.

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