Lowe's Companies, Inc. (NYSE:LOW) is planning to exit its investment in joint venture with Woolworths Limited (ASX:WOW). The joint venture operates Masters Home Improvement stores and Home Timber and Hardware Group's retail stores and wholesale distribution in Australia. Richard D. Maltsbarger, Lowe's Chief Development Officer and President of International, commented, "While Australia offers an attractive home improvement market and the joint venture has made progress, we have decided, following a comprehensive strategic analysis, to focus our resources on areas of our business where we see greater potential return on our investment.

We have enjoyed partnering with Woolworths' management and are committed to working closely with them as we transition out of this investment." As per the terms of the agreement, Lowe's has an option to exercise its right to exit the agreement following its notice to Woolworths. Lowe sent the notification on January 15, 2016 which triggers the process for determining the purchase price of Lowe's portion of joint venture.