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Woolworths injects more money into Masters to fund growth

Woolworths is pressing ahead with plans to open as many as 11 Masters home improvement stores a year even though mounting losses are expected to dent group earnings until at least 2019.

Woolworths confirmed on Wednesday that the company and its US home improvement partner Lowe’s Companies Inc had injected another AUD45 million (USD34.2m) into their joint venture this month, after a AUD90 million top-up in November, taking their total investment over the past five years to AUD3.02 billion.

A Woolworths spokeswoman said the new capital – AUD30 million from Woolworths and AUD15 million from Lowe’s – would be used to fund growth.