Reliance Worldwide's exit from Melbourne brass ops to aid margins, Morningstar says
Yesterday 20:05
BUZZ-Reliance Worldwide's exit from Melbourne brass ops to aid margins, Morningstar says ** On Tuesday, Australian plumbing solutions provider Reliance Worldwide Corp RWC.AX disclosed plans to close its brass manufacturing ops in Melbourne
** Morningstar believes shuttering of the brass ops, which were expensive to run given higher copper and zinc prices, would help arrest decline in co's gross margins
** Investment research firm thinks shares are cheap, with market more worried about near-term uncertainty, including tariff impact and construction cyclicality
** 15 analysts rate 'buy' on avg; median PT of A$4.20 - LSEG-compiled data
** YTD, RWC shares down 3.6%, last close A$3.56
(Reporting by Nichiket Sunil in Bengaluru)
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Brief: Reliance Worldwide Corp Says Near 85 Employees To Be Affected By Closure Of Brass Manufacturing Ops In Australia