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Hills CEO Ted Pretty said that a licensing agreement with Woolworthswill allow Hills to focus on building its technology business as opposed to flogging retail products.Under the agreement, Woolworths has exclusive rights to the Hills heritage brand, encompassing more than 240 products, with the licence to run for a minimum period of seven years, with Woolworths having three options for renewal for further four-year periods.
Hills will grant Woolworths exclusive rights to the Hills brand as it applies to the agreed product ranges for the Australian and overseas markets, with Hills to maintain ownership of its heritage brand and the intellectual property in product patents and designs.
Hills will receive income from the use of the brand and intellectual property by way of an annual licensing fee, which could potentially increase if product sales exceed agreed levels, with products to be marketed and distributed exclusively by Woolworths.
“This agreement will also allow Hills to focus on building our technology business, particularly our security and healthcare portfolio, to achieve our stated growth ambitions,” Pretty commented.
“Additionally, we will enjoy greater certainty of earnings and a strengthening of our profit performance. There will be a positive impact on the balance sheet from the reduced requirement for working capital.”
Woolworths Home Improvement managing director Matt Tyson stated Masters, Home Timber and Hardware and BIG W customers will “have access to the biggest range of Hills products at Australia’s lowest prices”.
“Hills is Australia’s leading laundry, clotheslines and garden spray supplier, with the largest share of the $75 million clothesline category,” Tyson commented. “They will be a strong partner and another example of Masters’ range expansion plan.”
