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Australia's Godfreys sells cleaning supplies business

Appliance retailer Godfreys Group Ltd. on Feb. 23 said that its subsidiary New Zealand Vacuum Cleaner Co. Ltd. will sell its shares in The Service Company Ltd. to TSC No. 2 Ltd. for NZ$1.3 million.

The deal is expected to close in March but will not materially impact Godfreys' earnings for fiscal year 2018, the release said.

As of Feb. 22, US$1 was equivalent to NZ$1.37.