A. O. Smith acquires Giant Factories for ~$192M; expands Canada water heater presence

SMITH A O CORP

Purchase price ~$192M cash for Canada water-heater maker Giant Factories, with trailing sales of ~$105M.
Expected tax benefit of ~$6.5M yields a ~9.5x EBITDA multiple on projected 2023 adjusted EBITDA.
Deal expected neutral to Q4 2021 EPS due to purchase accounting, but accretive in first full year post-close.
Giant employs >300 people, operates two Montreal facilities; A. O. Smith cites expanded Canada presence and decarbonization.
A. O. Smith to discuss acquisition details on Q3 2021 earnings call Oct 28.

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