Reliance Worldwide Corporation

From Wikipedia, the free encyclopedia

Reliance Worldwide Corporation Ltd
TypePublic company
ASX: RWC
Founded1949 in Australia
Headquarters
Melbourne
,
Australia
Areas served
Australia
Key people
Heath Sharp (CEO)
Stuart Crosby (Chairman)
RevenueIncrease A$1,162.4 million (2020)[1] (2020)
Decrease A$130.3 million (2020) [1]
Total assetsDecrease A$283.1 million (2020) [1] (2020)
Number of employees
Over 2,200 [2] (2020)
Websitewww.rwc.com

Reliance Worldwide Corporation Limited is an Australian-owned publicly listed company which designs, manufactures and supplies water flow and control products and solutions. The company operates in Australia, New Zealand, Canada, the United States, Spain and the United Kingdom. It is administered from its head office in Melbourne, Australia. It is 109th on the S&P/ASX list of top 200 companies.[3]

History[]

The company began in 1949 in Brisbane, Australia, as a small tool shop. In the 1950s it developed a number of industry firsts: reduction valves, relief valves, pressure vacuum relief valves, pressure reducing and non-return valves. In 1953, RMC unveiled the world’s first packaged unvented water heating storage system. By combining pressure reducing and relief valves into a pre-assembled unit, RMC Full Control Valves removed the need for ventilation pipes and ceiling cistern tanks, all but eliminating faulty installations and associated dangers. In 1986, RMC was acquired by GSA Group, an Australian private investment company, creating Reliance Worldwide Corporation. Business continued to grow through ongoing product development. In 2000, RMC acquired Yorkshire Fittings along with its brass plumbing and heating range, York Flex. At the same time, RMC entered the US market with the acquisition of Cash Acme, the world’s largest volume temperature and pressure valve manufacturer. RWC started promoting its name as Reliance Worldwide Corporation at the AHR Expo in the US, to reflect its growing global reach. In 2016 RWC became a publicly listed company on the ASX and reorganised into three geographical regions –Americas; Asia-Pacific; and Europe, Middle East & Africa.[4]

Controversies[]

Reliance Worldwide suffered a $970 million plunge in share-market value in February 2020 after a profit downgrade prompted by weak conditions in the UK and Australia.[5][6]

In the 2020 Annual Report, Chairman Stuart Crosby revealed that, because of disruption caused by COVID-19, 40 per cent of staff in Europe had been sent on leave, Australian staff went to a four-day week and senior executives took a 20 per cent salary cut for two months. This was despite booming business in the U.S.[2]


References[]

  1. ^ a b c "RWC Report 2020" (PDF).
  2. ^ a b "RWC Report 2020" (PDF).
  3. ^ "Reliance Worldwide Corporation Ltd (ASX:RWC) Share Price - Market Index". MarketIndex.com.au. Retrieved 2 June 2021.
  4. ^ "Living heritage". Reliance Worldwide Corporation. Retrieved 2 June 2021.
  5. ^ "Reliance Worldwide in $970 million market wipeout". Australian Financial Review. 24 February 2020. Retrieved 2 June 2021.
  6. ^ Gray, Darren (24 February 2020). "Reliance Worldwide plunges after full-year profit guidance ratcheted lower". The Sydney Morning Herald. Retrieved 2 June 2021.

External links[]

Retrieved from ""