AO Smith completed the acquisition of Giant Factories for $199m.

AO Smith, a firm that manufactures and markets comprehensive lines of residential and commercial gas, gas tankless, and electric water heaters, completed the acquisition of Giant Factories, a Canada-based manufacturer of residential and commercial water heaters, for $199m. "The addition of Giant strengthens our leadership position as a global supplier of residential and commercial water heaters. The acquisition also supports our corporate strategy by increasing our North America market penetration, creating additional capacity and enhancing our distribution capabilities. Along with its rich history, established relationships and talented team, Giant's values and business approach align with ours, and we look forward to welcoming Giant's employees to the AO Smith family," Kevin J. Wheeler, AO Smith Chairman and CEO.