GWA International Ltd. (GWT.AU) said Tuesday it will pay a subsidiary of United Technology Corp. (UTX) A$50 million for its Australian air-conditioning unit Brivis Climate Systems.

The deal will be funded from existing bank facilities and is expected to be completed by March 31., GWA said in a statement.

Melbourne-based Brivis sells ducted climate system for residential markets, largely in Victoria state, but is also active in other Australian states, GWA said.

The business will be added to GWA's water heating outfit to form the a new heating and cooling unit. GWA also provides building fixtures and fittings to the residential property market.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com
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